Lesson #4 - Mission Statement

Question 1

What is a mission statement?

Answer 1

• Purpose, reason for being; also an inner calling to pursue an activity or perform a service
• An important test of the mission is how well it serves the organization’s stakeholders
• Defines the purpose or broader goal for existing

Question 2

What are some things to include in a mission statement?

Answer 2

• What your company does
• Value: what does your company value
• Inspiration: should inspire and encourage employees
• Plausibility: should be reasonable
• Specificity: find a key theme and focus
• Keep it short, simple, to the point
• Considers short term and long term goals
• Test it with employees
• Revise to keep current with values and goals of company

Question 3

How do you formulate a strategy?

Answer 3

• Along with creating a mission statement, a company needs to have a strategy in mind
• This is a plan for the company
• Questions to ask when creating a strategy
• What is our business mission, values and objectives?
• Who are our customers?
• What do our customers want?
• What have seen our results?
• What is our plan/philosophy?

Question 4

How are company values included in the mission statement?

Answer 4

• Often times companies will include what they value in a mission statement
• Values are broad beliefs about what is or is not appropriate.
• The organizational culture should reflect the dominant value system of the organization as a whole.

Question 5

What are objectives?

Answer 5

• Objectives are direct activities toward key and specific performance results
• Common Objectives
• Profitability
• Market share
• Human talent
• Financial health
• Cost efficiency
• Product quality
• Innovation
• Social responsibility