The Influence of the Mission Statement in Strategic Management and Companies

In: Business and Management

Submitted By Allen2012
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The Influence of the Mission Statement in Strategic Management and Companies

As we all know, most of the companies have their mission statement. Mission statements are a primary management tool (Bart and Hupfer, 2004) in the pursuit of organizational excellence. A mission statement is to make the company’s fundamental purpose briefly. It also answers the reason why does the company exist. The mission statement gives a clear description of the company's purpose both for those people in the organization and the public. For example, the mission statement of Canadian Tire reads (in part) says Canadian Tire is a network of interconnected businesses and it is growing. Canadian Tire continuous efforts, in order to meet the needs of its customers, provide a unique position, price, service and various package worth as. Usually a commercial mission statement consists of 3 essential components; the first one is the key market, what are your target market/customers. The second is contribution, what kind of service or products you provide to customers. The third one is distinction, it tells customers the difference between you and your competitors then why would they choose you. Each enterprise should have a mission statement, as a kind of ensuring that everyone in this organization on the same direction, and as the effective business planning reference. Who cares if your company has a mission statement or not? Maybe your stakeholders do. Fact shows that at least three groups of people care—the customers, employees and potential business investors.

There are many companies rack their brains on marketing; a company's mission statement is to work together, through the establishment of a long-term goal and achieve it. The mission statement is simple, but more clear, indicating what the company does, how to do it (it provides a product or service) and their target population.…...

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