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Difference between revisions of "Mission Statement"

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A '''mission statement''' is a concise explanation of the [[Organization|organization's]] reason for existence. It describes the organization's purpose and its overall intention. The mission statement supports the [[Vision|vision]] and serves to communicate purpose and direction to employees, customers, vendors and other [[Stakeholder|stakeholders]].<ref>Definition - What Does a Mission Statement mean? [https://www.shrm.org/resourcesandtools/tools-and-samples/hr-qa/pages/isthereadifferencebetweenacompany%E2%80%99smission,visionandvaluestatements.aspx SHRM]</ref>
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A '''mission statement''' is a concise explanation of the [[Organization|organization's]] reason for existence. It describes the organization's purpose and its overall intention. The mission statement supports the [[Vision|vision]] and serves to communicate purpose and direction to employees, [[Customer|customers]], vendors and other [[Stakeholder|stakeholders]].<ref>Definition - What Does a Mission Statement mean? [https://www.shrm.org/resourcesandtools/tools-and-samples/hr-qa/pages/isthereadifferencebetweenacompany%E2%80%99smission,visionandvaluestatements.aspx SHRM]</ref>
  
 
A mission statement is used by a company to explain, in simple and concise terms, its purpose(s) for being. The statement is generally short, either a single sentence or a short paragraph. The statement serves a dual purpose by helping employees remain focused on the tasks at hand, as well as encouraging them to find [[Innovation|innovative ways of moving toward]] an increasingly [[Productivity|productive achievement]] of [[Business Goals|company goals]]. A company’s mission statement defines its [[Organizational Culture|culture]], values, [[Business Ethics|ethics]], fundamental goals, and agenda. Furthermore, it defines how each of these applies to the company's stakeholders — its [[Employee|employees]], distributors, [[Supplier|suppliers]], [[Shareholder|shareholders]], and the community at large — use this statement to align their goals with that of the company. The statement reveals what the company does, how it does it, and why it does it. Prospective investors may also refer to the mission statement to see if the values of the company align with theirs. For example, an ethical investor against tobacco products would probably not invest in a company whose mission is to be the largest global manufacturer of cigarettes. It is not uncommon for the largest companies to spend many years and millions of dollars to develop and refine their mission statements. In some cases, many mission statements eventually become household phrases.<ref>Understanding Mission Statement [https://www.investopedia.com/terms/m/missionstatement.asp Investopedia]</ref>
 
A mission statement is used by a company to explain, in simple and concise terms, its purpose(s) for being. The statement is generally short, either a single sentence or a short paragraph. The statement serves a dual purpose by helping employees remain focused on the tasks at hand, as well as encouraging them to find [[Innovation|innovative ways of moving toward]] an increasingly [[Productivity|productive achievement]] of [[Business Goals|company goals]]. A company’s mission statement defines its [[Organizational Culture|culture]], values, [[Business Ethics|ethics]], fundamental goals, and agenda. Furthermore, it defines how each of these applies to the company's stakeholders — its [[Employee|employees]], distributors, [[Supplier|suppliers]], [[Shareholder|shareholders]], and the community at large — use this statement to align their goals with that of the company. The statement reveals what the company does, how it does it, and why it does it. Prospective investors may also refer to the mission statement to see if the values of the company align with theirs. For example, an ethical investor against tobacco products would probably not invest in a company whose mission is to be the largest global manufacturer of cigarettes. It is not uncommon for the largest companies to spend many years and millions of dollars to develop and refine their mission statements. In some cases, many mission statements eventually become household phrases.<ref>Understanding Mission Statement [https://www.investopedia.com/terms/m/missionstatement.asp Investopedia]</ref>

Revision as of 16:28, 20 January 2021

A mission statement is a concise explanation of the organization's reason for existence. It describes the organization's purpose and its overall intention. The mission statement supports the vision and serves to communicate purpose and direction to employees, customers, vendors and other stakeholders.[1]

A mission statement is used by a company to explain, in simple and concise terms, its purpose(s) for being. The statement is generally short, either a single sentence or a short paragraph. The statement serves a dual purpose by helping employees remain focused on the tasks at hand, as well as encouraging them to find innovative ways of moving toward an increasingly productive achievement of company goals. A company’s mission statement defines its culture, values, ethics, fundamental goals, and agenda. Furthermore, it defines how each of these applies to the company's stakeholders — its employees, distributors, suppliers, shareholders, and the community at large — use this statement to align their goals with that of the company. The statement reveals what the company does, how it does it, and why it does it. Prospective investors may also refer to the mission statement to see if the values of the company align with theirs. For example, an ethical investor against tobacco products would probably not invest in a company whose mission is to be the largest global manufacturer of cigarettes. It is not uncommon for the largest companies to spend many years and millions of dollars to develop and refine their mission statements. In some cases, many mission statements eventually become household phrases.[2]

  1. Definition - What Does a Mission Statement mean? SHRM
  2. Understanding Mission Statement Investopedia