Vision and Mission Statements Assignment Answers

Question:

Define Vision and Mission statement. Elaborate the components of a Mission statement of Tesco

Vision and Mission Statements Answer and Explanation

• Focus on the future: A vision statement should be forward-looking, describing the company's desired state in the future.

• Broad and ambitious: A vision statement should not be limited by current capabilities or constraints. It should set a high bar for the company's aspirations.

A mission statement defines a company's purpose and its reason for being. It outlines the company's core values, its target customers, and the products or services it offers. A mission statement should be clear, concise, and focused, providing a clear understanding of the company's identity and its role in the market.

Components of a Mission Statement

• Differentiation: A mission statement should highlight what makes the company unique and differentiates it from its competitors.

Example of Tesco's Mission Statement

• Community engagement: Tesco acknowledges its role in the communities it serves and strives to make a positive impact.

• Environmental responsibility: Tesco recognizes the importance of sustainability and commits to operating in an environmentally responsible manner.