a business :

• must define what it does and
• identify market oppurtunity ( i think the oppurtunity that it wants to exploit).
• Above two look simple but isnt
• business definition of what it does shud be comprehensive enuf to encourage for creative thinking but
• it(bus def) shud be constricted enuf to provide direction for company
• over time business definition can be changed due to changing market ( enregy companies compared to petrol refineries etc.)
• business environment is more complex and competitive now....forcing firms to braoden business defs.

bansk, stock brokerages -> general financial services companies
nesapapers --- commnications business
steel -- not being imaginative.....bot great growth

in defining the business mission u must:

• ascertain if there is a need for the business:
• why shud company be started
• what unique niche it will fill
• why hasnt another business filled the niche
• if it has....
• why was that company started
• what niche is it flling
• what competition exists and why it exists
• is that firm a startup
• must prepare a market analysis
• key economic geographic , demographic data will be needed
• do the analysis yourself or hire a marketing firm to do it for you