The current work is designed to produce the information of strategic and decisions which the corporate must asses. First the identification and selection of alternative mission statement and the important of business definition together with range of possible objectives and goals which the corporate planner may select between. Options for strategic direction from consolidation to exit strategies including Ansoff product market matrix.
1.1: Explain strategic contexts and terminology – missions, visions, objectives, goals and core competencies. Mission
A strategic plan starts with a clearly defined business mission. Mintzberg defines a mission as follows- ‘A mission describes the organisation’s basic function in socity in terms of products and services it produces for its customers’
A clear business mission should have each of the following statements:
1. A Purpose: Why does the business exists? Is it to create for Shareholders. Does it exists to satisfy the needs of stakeholders. 2. A strategy and strategic scope: A mission statement provides the commercial logic for the business and so defines two things- a. The product and services it offers
b. The competences through which it tries to succeed 3. Policies and standards of behaviours: A mission needs to be translated into every action. 4. Values and culture: The values of a business are the basic often unstated beliefs of the people who works in it
A vision is an overriding idea of what the organisation should be. It reflects the dream of the founder. A vision must be sufficiently clear and concise that everyone in the organization understands it.
Business strategy is concerned with deciding which markets and activities the business should involve in. Where its wants to be and how its going to get there. Strategy is about making high level decision and forms management game plan for-
Running the business
Beating the competition
Achiving corporate Objectives etc.
Stretagic goals are statements of what we wish to achieve over the period of the strategic plan. They reflects the analysis we do that starts with creating a vision. A role statement and a mission statement and then our analysis of the environment, strengths, weakness, opportunities and threats.
Core competences are those capabilities that are critical to a business achieving competitive advantage. The starting point for analysis core competencies is recognising that competition between businesses is as much a race for market position and market power.
1.4: The mission, vision and core competencies of the Virgin Atlantic
Virgin Atlantic Airways is a subsidiary of the Virgin Group. It is a UK based Airline and its Headquarters is located in the West Sussex. Virgin Airways is better known for its high class services across the globe. It serves 22 destinations and it has won many awards in their field of Aviation. It is a leading multinational corporation in the world. It is one of the largest Airlines who started its services for the North Atlantic. It is a customer driven airline which has a great emphasis on the satisfaction of its customers through fun and quality with a great deal of money. Every organization has some objectives and goals which lead it toward the path of success which are VMV of any organization without the VMV no organization can sustain and compete with other rivals, so the VMV should have significant impact on the organizational goals.
Mission of Virgin Atlantic
Their mission statement is-
‘Safety, Security And consistent delivery of the basics are the foundation of everything we do’
The company believes that safety, security an d consistent delivery of the basics are the foundations of everything they do. Thus Virgin Atlantic stated that the success of their company as well as their strategy...