Mission statement

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A mission statement is a statement of the purpose of a company, organization or person, its reason for existing.

The mission statement should guide the actions of the organization, spell out its overall goal, provide a path, and guide decision-making. It provides "the framework or context within which the company's strategies are formulated." It's like a goal for what the company wants to do for the world. [1]

Contents[edit]

Effective mission statements start by cogently articulating the organization's purpose of existence.

Mission statements often include the following information:

According to Bart,[2] the commercial mission statement consists of 3 essential components:

  1. Key market – who is your target client/customer? (generalize if needed)
  2. Contribution – what product or service do you provide to that client?
  3. Distinction – what makes your product or service unique, so that the client would choose you?

Examples of mission statements that clearly include the 3 essential components:

For example:

The mission statement can be used to resolve trade-offs between different business stakeholders. Stakeholders include: managers & executives, non-management employees, shareholders, board of directors, customers, suppliers, distributors, creditors/bankers, governments (local, state, federal, etc.), labour unions, competitors, NGOs, and the community or general public. By definition, stakeholders affect or are affected by the organization's decisions and activities.

According to Vern McGinnis[citation needed], a mission should:

See also[edit]

Notes and references[edit]

  1. ^ Hill, Charles W.L.; Gareth R., Jones (2008). Strategic Management: An Integrated Approach (8th Revised edition). Mason, OH: South Western Educational Publishing. p. 11. ISBN 978-0-618-89469-7. 
  2. ^ Bart, Christopher K. (July 1997). "Industrial Firms and the Power of Mission". Industrial Marketing Management (in English) 26 (4): 371–383. doi:10.1016/S0019-8501(96)00146-0. 

External links[edit]

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