Chapter 8 - Defining the business and creating a mission statement Flashcards
What is a mission statement important for?
A mission statement tells us more about the role of an organization and in other words explains what the company wants to be known / remembered for.
How can a company come back / recover from not succeeding anymore? (Example LEGO)
1) They have to regain their focus and really maintain their focus! As a brand grows, make sure that you do not drift away from what it made become successful in the first place!
(LEGO reduced the number of different pieces from 12900 to 7000)
2) Find new markets to dominate. Times change and you have to be able to adapt, however, also remain true to your brand identity and purpose
(LEGO entered more and more the digital world)
3) Really get to know your audience and do not assume that you know what your audience wants. Perform rather market research to find out more.
(LEGO did a lot of research to find out how kids around the world like to play)
