Business Strategy

The main objective of report is to understand the process of strategic planning through measuring the vision, mission and objectives of organization. The report will also measure the strategic position of company by conducting the organizational and environmental audit. Along with that, the report will also analyse several strategies and will select the appropriate strategy for organization so that they would easily accomplish their objectives.

LO1 UNDERSTAND THE PROCESS OF STRATEGIC PLANNING

1.1 Business missions, visions, objectives, goals and core competencies

Asda stores Ltd. occupies the second position in UK's retail sector with having the operating income of £1 billion. The organization along with other clothing brand, that is, George is capturing the clothing market of UK sector. The role of strategy is important for each and every organization as it depicts the path for business to attain goals. Main key terminology used in the strategy includes:

Mission: The mission statement mainly focuses on current activities for which company exists in the market. The Asda's mission is to become the top retail supermarket chain in UK that mainly serves the needs and requirements of customers (Strategic Planning Tools, 2015).

Vision: Vision is termed as the predicted long term future plan for organization so that they would run their business in future marketplace among their rival companies. The vision statement of Asda is to be at the top position in delivering the cost effective products to target market