Fundamentals of Business

Strategy
And Mission, Vision, Goals, Objective
Business Strategy
business strategy A plan to achieve competitive advantage that involves
making four inter-related strategic choices:
(1) markets to compete in;
(2) unique value the firm will offer in those markets;
(3) the resources and capabilities required to offer that unique value better
than competitors; and
(4) ways to sustain the advantage by preventing imitation.

competitive advantage When a firm generates higher profits compared to its

competitors. market The industry, customer segment, or geographic area that
a company competes in. unique value The reason a firm wins with customers
or the value proposition it offers to customers, such as a low cost advantage or
differentiation advantage or both.
strategic leaders- Organizational leaders charged with formulating and
implementing a strategy with the objective of ensuring the survival and
success of an organization.

deliberate strategy A plan or pattern of action that is formulated through a

deliberate planning process that is then carried out to achieve the mission or
goals of an organization.

emergent strategy A plan or pattern of action that develops and emerges over
time in an organization despite a mission or goals.
Difference between a
business strategy,
business plan and
business model
There's confusion among some Product Managers as to where to start when
it comes to formulating goals, strategy, and so on.

modern frameworks : Agile, and Scrum - stuffs "Product," and "Project"

management

The following is the correct order...

Corporate Level
Corporate Vision
Corporate Mission
Corporate Values (Optional and not necessarily ordinal in this list)
Corporate Strategy
Business Unit or Product Level (Possibly both)
Goals - Business Unit - or Product Level
Strategy - Business Unit - or Product Level
Objectives - Business Unit - or Product Level
Tactics - Business Unit - or Product Level
 • Proctor and Gamble Vision – be, and be recognized as, the best consumer products and
services company in the world.
• Starbucks Mission: to inspire and nurture the human spirit – one person, one cup and
one neighbourhood at a time. It has always been, and will always be, about equality.
Westjet’s goals fit the SMART acronym.

Specific: Westjet strives to be among the top five international airlines. In contrast, “the best” would be vague, making it
difficult to decide if a goal is actually reached.

Measurable: Westjet identifies the key metrics: on-time performance, safety, profitability and guest satisfaction. Westjet is
able to measure its progress relative to its targets.

Achievable: Westjet lists achievements to date in working towards the goals. A series of research studies show that
performance is strongest when goals are challenging but attainable.

Realistic: Westjet states support for the International Air Transport Association’s (IATA) goals of a cumulative global
average improvement in fuel efficiency of 1.5 per cent per year through to 2020. Reaching a goal must be feasible for
employees to embrace it.

Time-bound: Westjet’s timeline is “By 2016.” Deadlines are motivating and they create accountability.
Patagonia mission statement Core values of Patagonia
is “We’re in business to save our Quality
home planet.” Integrity
1. Protecting the environment Environmentalism
2. Exceptional quality Justice
3. Improving human livelihoods Not bound by convention
Patagonia established a pilot program in India with 450 small farms, here the brand had an
infrastructure in place and the farmers were motivated to take on the challenges of a new
growing technique. Patagonia has established a recycled-wool supply chain, unlike its
fledgling attempt with cotton. Synthetic Insulation and Homegrown Hemp is another
initiative to impact positively on earth.

• Patagonia sells high-quality, long-lasting clothing to consumers.

• While profit margins on individual items are higher. Through its advertising campaigns,
Patagonia believes that less is more. In other words, it actively encourages consumers
to buy less clothing.
• shoppers can pick an item from a selection of pre-worn clothing and fix it themselves.
Assignment 1 Instruction:

Choose any brand. Find out their mission, vision, goals, objectives, values and
identify key concepts. Draw relationship with business Model, strategy

Instruction: Submit DOC file (Soft copy mail submission time 1st October
Sunday by 11 pm)
Thank You