A business strategy is developed after the companys mission, an understanding of the market (environmental scanning) and the core competencies of the company have been identified. The mission involves the determination of what business to be in, who the customers will be and how the companys beliefs will define the business. Environmental scanning includes an examination of the current market trends in the market, economy, political environment and in society, resulting in an identification of opportunities and threats. Finally, core competencies are the strengths of the company. The company should match its strengths to its business strategy.