A mission statement describes an organization’s basic purpose and what it is trying to achieve. It can play an important role in the strategic planning process. There is no standardized format for mission statements. However, there are common elements included in most mission statements. Outline any FIVE (5) of these elements. [5marks]
View Solution
1) Stating the purpose of the organization
2) Stating the business areas in which the organization intends to operate
3) Providing a general statement of the organization’s culture
4) Acting as a guide to develop the direction of the entity’s strategy and its goals/objectives
5) Customers. Who are the enterprise’s customers?
6) Products or services. What are the firm’s major products or services?
7) Markets. Where does the firm compete?
8) Technology. What is the firm’s basic technology?
9) Concern for survival, growth, and profitability. What is the firm’s commitment towards economic objectives?
10) Philosophy. What are the basic beliefs, values, aspirations, and philosophical aspirations of the firm?
11) Self-concept. What are the firm’s major strengths and competitive advantages?
12) Concern for public image. What is the firm’s public image?
13) Concern for employees. What is the firm’s attitude toward employees?
Note: Any student who approaches this question from the Ashridge College model perspective should earn the full mark. Find below
1) Purpose: Why does the company exist? Who does it exist for?
2) Values: are the beliefs and moral principles that underlie the organisation’s culture.
3) Strategy: provides the commercial logic for the company (the nature of the organisations business), and so addresses the following questions. ‘What‘s our business? Or, what should it be?’ What are our elements of sustainable competitive advantage?
4) Policies and standards of behavior: provides guidance on how the organistaion’s business should be conducted.