GENERAL KNOWLEDGE

Detailed explanation-1: -The definition of a company’s core business is like asking for its mission statement. The central element of what is purchased is called the “core, ‘’ and anything bought on top of that is called the “value-addeds."

Detailed explanation-2: -The definition of a mission statement is a concise description of your organization’s core purpose, answering the question, “why do we exist?”. A mission needs to boldly state why you exist, and why you do what you do.

Detailed explanation-3: -A mission statement defines what an organization is, why it exists, its reason for being. At a minimum, your mission statement should define who your primary customers are, identify the products and services you produce, and describe the geographical location in which you operate.

Detailed explanation-4: -A mission statement typically identifies the firm’s principal products and services. True. A mission statement identifies the scope of the firm’s operations.

Detailed explanation-5: –companies can make the mistake of being myopic when they define their core business, focusing on their product offerings (e.g., “We sell laptops"), instead of recognizing that their true goal is offering benefits and value to their customers (e.g., “We sell IT solutions").