Read the extract below and answer the questions that follow. [20 marks] TESCO Vision and Mission Companies, like Tesco, that enjoy long-term success, are focused businesses. They have a core vision that remains constant while the business strategies and practices continuously adapt to a changing world. In an increasingly competitive global environment, without a clear vision a business will lack direction and may not survive. Tesco has a seven part business strategy to help it achieve its vision. Tesco is a company built around customers and colleagues. Its vision guides the direction of the organization and the strategic decisions it makes. Tescos vision is: To be the most highly valued business by: the customers we serve, the communities in which we operate, our loyal and committed colleagues and of course, our shareholders. Tescos vision has five elements which describes the sort of company it aspires to be. These are to be: wanted and needed around the world a growing business, full of opportunities modern, innovative and full of ideas MODULE STRATEGIC MANAGEMENT PRACTICES (Business Management 3D) YEAR 3 INTAKE JANUARY 2020 SEMESTER 2 TOTAL MARKS 20 winners locally whilst applying our skills globally inspiring, earning trust and loyalty from customers, our colleagues and communities. The vision, mission statement and goals are interrelated and state what an organization is seeking to achieve whereas the strategies and tactics show how it will achieve them. Tescos core purpose (mission) is simple: We make what matters better, together. Once aims are established, functional areas within a business then devise department-based strategies to ensure goals are achieved. The vision drives the business and the values are embedded throughout the strategic planning process. Whilst a vision outlines the aspirations of senior managers, a mission statement is a general expression of the overall purpose of the business. It communicates the goals of a company to all stakeholders. The vision should inspire all stakeholders and motivate employees towards achieving its stated objectives. If well prepared, it should convince customers, suppliers and external stakeholders of its sincerity and commitment to them. Tescos management recognize the key role that its mission, vision and strategies play in its success and use a range of key performance indicators (KPIs) to monitor and evaluate its performance. Question 1 (6+9=15 marks) Define Vision and Mission statement. Elaborate the components of a Mission statement. Question 2 (5 marks) Discuss the concept of customer orientation in a mission statement.