Business Strategy Essay

Set goals and objectives – this is generally what is hoped to be achieved in the long term by setting out short term and specific achievements to contribute to that goal

Goals within my organisation look at where we would continue to strive towards. They are long term aims. They are stated in our professional development plan stating:-

(P1.1) In formulating a business strategy, it is a crucial factor to determine what the organization’s mission, vision, objectives and core competencies are because it sets an idea on what the organization should do and what purpose do they have in the industry to contribute to their customers. It also helps what markets should they target and what action should they plan to have a competitive advantage.

An aim is a long-term goal of which takes short – term goals to achieve this which are called objectives.

The provision and use of personal protective equipment could include using gloves, glasses, earmuffs, aprons, safety footwear, dust masks.

Competitive advantage exists when a firm has strategy, product or an attribute that makes the firm capable of delivering similar benefit to that of competitors at a cheaper cost. Having competitive advantage is not enough the company should be capable of sustaining that particular competitive advantage for a longer period of time.

The company also has many smart objectives to achieve, e.g. they are looking for awareness of the brand, growth and sales to make more profit. However these objectives have to be SMART (specific, measurable, achievable, realistic and time scale) in order to be successful and to see

We celebrate the special way we treat and relate to our customers. We think retailing is all about customer experience, and that is what really differentiates us.

| This objective can be long-term related as it doesn’t need any long time periods as it doesn’t use any calculations for profit, it just states that Tesco want to build long-term close business relationship

Core competencies are the most significant value creating skills within a company and key areas of expertise that are distinctive to a company and critical to the company's long-term growth. Core competencies are the pieces that a company is superior than its competitors in the critical, central areas of the company where the most value is added to its products. These areas of expertise may be in any area from product development to employee dedication. A competence which is central to business's operations but which is not exceptional in some way is not considered as a core competence, as it will not generate a differentiated advantage over rival businesses. It follows from the concept of core competencies; resources that are

To make these goals effective and efficient objectives are important. It gives an organization right direction to achieve its goal, that is why organizational objectives should be specific, measurable, achievable, realistic and time bound (SMART).

A Competitive Advantage is a peculiarity for an organization between it's competitors . It's achieved either by lowering prices or by greatening the value of the product or by offering luxury service and benefits to cope with high prices .

Competitive advantage is that a company has better ability in earning profit and profit growth compared to its competitors for the same group of customers in one industry.

The strategic management process is sometimes improperly perceived as a unidirectional flow of objectives, strategies and decision parameters from management to the employees. In fact, the process should be highly interactive since it is designed to stimulate input from creative, skilled and knowledgeable people working at every level of the business.

"Planning the process of determining the organization's objectives and deciding how to accomplish them." The planning of a business includes the outlining of a mission statement, goals, objectives, and etc... "Mission or mission statement, is a declaration of an organization's fundamental purpose and basic philosophy." A mission statement is basically a statement of purpose. Vision and