What concept relates to the combination of a company's values and competencies?

The concept that refers to the combination of a company's values and competencies is commonly understood as the "Mission." The mission of an organization defines its core purpose, outlining what the company stands for and what it seeks to achieve. It encapsulates the organization’s values, guiding principles, and the competencies that enable it to fulfill its objectives.

In crafting a mission statement, a company articulates its fundamental beliefs and the unique capabilities it possesses to deliver value to its stakeholders. This alignment between values and competencies is crucial as it shapes the company's approach to doing business, influences strategic decisions, and guides employee behavior.

The other concepts, while related to an organization's overall strategy and direction, do not fully encapsulate the specific integration of values and competencies in the same way that a mission does. Management Philosophy pertains more to the overarching managerial approach within the organization. A Business Model focuses on how the company creates, delivers, and captures value, while a Vision expresses an aspirational view of what the organization hopes to achieve in the long term. Each of these plays a role in the broader strategic framework, yet the mission distinctly conveys the values and competencies foundational to a company's identity and operation.