Hello Friends, Today, we are going to discuss Meaning, examples, and benefits and components of Mission Statement. We already write some articles about Strategic Vision: Meaning, Examples, and Benefits. It is a series of comprehensive guides for the establishment of entrepreneurship ventures. If You don’t know about the strategic management, Please read once on our Blog. Let’s start with some basics of the Mission Statement.
Concept of Mission Statement
The mission statement is a short statement of what its overall goal is, why an organization exists, identifying the goal of its operations: what kind of service and product it provides, its primary market and customer, and its geographical region of operation.
A mission statement reveals the long term vision of an organization in terms of what it wants to be and whom it wants to serve.Fred David
A one-sentence statement describing the reason an organization or program exists and used to help guide decisions about priorities, actions, and responsibilities.
A well-conceived mission statement defines the fundamental and unique purpose that sets a company apart from other firms of its type and identifies the scope of the company’s operations in terms of products offered and markets served.
Mission expresses/states the doing part of the vision.
Examples of mission statements
Let’s read some most popular company vision so you will make some mission for your company.
To enable Rotarians to advance world understanding, goodwill and peace through the improvement of health, the support of education, and the alleviation of poverty.The Rotary Foundation
To bringing the best user experience to its customers through its innovative hardware, software, and services.Apple
To refresh the world in mind, body and spirit. To inspire moments of optimism and happiness through our brands and actions. To create value and make a difference.Coca Cola Company
We promise our customers stellar service, our suppliers a valuable partner, our investors the prospects of sustained profitable growth, and our employees the allure of huge impact.Netflix
We will devote our human resources and technology to create superior products and services, thereby contributing to a better global society.Samsung
Benefits of Mission Statement
- To ensure unanimity of purpose within the organization
- To provide a basis, or standard, for allocating organizational resources
- To establish a general tone or organizational climate
- To serve as a focal point for individuals to identify with the organization’s purpose and direction, and to deter those who cannot from participating further in the organization’s activities.
- To facilitate the translation of objectives into a work structure involving the assignment of tasks to responsible elements within the organization
- To specify organizational purposes and then to translate these purposes into objectives in such a way that cost, time, and performance parameters can be assessed and controlled.
Components of mission statements
- Customers: who are the firm’s customers?
- Products or services: what are the firm’s major products or services?
- Markets: geographically, where does the firm compete?
- Technology: is the firm technologically current?
- Concern for survival, growth, and profitability: Is the firm committed to growth and financial soundness?
- Philosophy: what are the basic beliefs, values, aspirations, and ethical priorities of the firm?
- Self-concept: what is the firm’s distinctive competence or a major competitive advantage?
- Concern for public image: is the firm responsive to social, community, and environmental concerns?
- Concern for employees: Are employees a valuable asset of the firm?
Suman(Kul Prasad) Pandit is a graduate from Tribhuvan University, Nepal with four-year experience in corporate and start-up sectors in Nepal. Being a responsible & sustainable business enthusiast he is dedicated to business education to solve problems in entrepreneurship and business growth.