Mission Statements

Question 1

Define mission statement.

Answer 1

a qualitative statement of the business’s aims.

Question 2

What is a business aim?

Answer 2

a long term plan from which business objectives are derived.

Question 3

What is a mission statement?

Answer 3

• the overriding goal of the business.
• the reason for its existence.
• a strategic perspective.
• a vision for the future.

Question 4

What makes a good mission statement?

Answer 4

• contains a formulation of objectives that enables progress towards them to be measured.
• differentiates the business from its competitors.
• defines the markets or business ins which the firm wants to operate.
• is relevant to all major stakeholders.
• excites, inspires, motivates, and guides.

Question 5

What are some common criticisms of mission statements?

Answer 5

• not always supported. by the actions of the business.
• often too vague and general.
• often merely statements of the obvious.
• often seen as a PR exercise.
• sometimes regarded cynically by staff.
• sometimes not a true reflection of reality.