Question

Explain the differences between a mission statement and a business - level strategy

Answer 1

Nowadays, the market is full of competitors and customers also have wide range of options available in the market to buy the products they want to. So, every company has be alert and also they always have to be in touch with the customers and should always try to attract more customers. For this every company prepares a mission statement which is generally very short but provides various information about the company like it tells the customers about the variety of the products that the company offers to the customers. Not only customers but the people that are working with the company and also the competitors of the company get to know about the plans of the firm and also the goals they want to achieve.

To survive in the market with many competitors, every company designs some strategies that can help the firm to compete against other firms. Strategies are the detailed plans that all the firms make so that they can achieve the goals they have set and be more successful than their competitors. However, a business level strategy consists of all those actions done by the firms that will help them to gain some advantage in the market that will help them to compete against other firms and be more successful than them.

For example, imagine a company A is entering in the market of clothing. So, the short expressive statement that the company A will prepare that will include various information about their product like the information regarding their idea to grow and also about the features of their product will be a mission statement and the decision that company will take for making its price of the products more competitive and efficient in the market would be considered a company level strategy.