Mission statement

A mission statement is a statement of the purpose of a company or organization that distinguishes from other similar businesses. The mission statement guides the actions of the organization, spell out its overall goal, provide a path, and guide decision-making. It provides "the framework or context within which the company's strategies are formulated. A normal mission statement is usually consisting of 200 to 300 words.

Components of a good mission statement:

An ideal mission statement has the following nine components; a mission statement is called a good statement if it is consisting of all or maximum of these components. 1: customer: The first opponent of firms mission is the customer. The mission should declare who are the customers of the company for whom the firm is operating. And to take care of them in its operations. 2: Product: The mission of a business also focuses on the products/services of the firm. What are the major products and whether they are according to the needs and wants of the target customers? Mission statement should clearly identify the products. 3: Market: Another important component of the companys mission is the target market. It should through some light/identify the target market of the company. The target market of the company is the geographical boundaries in which the company is or is willing to operate and deliver its product/services. 4: Technology: An ideal mission statement also declares the technology of the company. What technology the company is using and what are the methods of operation and process. Or in general, how the flow of value chain is occurring in the company. 5: Self concept:

Self concept means that what is the companys core competency. What is its core business and distinctive competitive advantage. The mission statement should deliver some information about it. 6: Philosophy: This component declares something bout the culture of the business It throws light on the basic beliefs, values and aspirations and ethical priorities of the company. 7: Concern for survival/profit/growth: This component of the mission statement shows the basic aim of the company, whether it is for profit or for social benefits. Whether it is committed to growth, survival or profitability. All the decisions about the cost and prices are made in the light of this component. 8: Concern for public image: This component of the mission statement shows the companys intentions to be responsiveness towards the social, environmental and other community aspects. It shows the concern of the company toward the public opinion. It also throws light on the post purchase behavior. All f these factors represents the public image of the company. 9: Concern for employees: Are employees a valuable asset of the firm?. To recruit, develop, motivate, reward, and retain personnel of exceptional ability, character, and dedication by providing good working conditions, superior leadership, compensation on the basis of performance, an attractive benefit program, opportunity for growth, and a high degree of employment security.

Mission statement examples:

JOHNSON & JOHNSON: We will delight our consumers, treating each person who contacts us as if they are our only consumer, providing them with a response which is evidence of our interest and that leaves them with the clear understanding that they are important to us.

McGraw-Hill Education:

As an innovator and a global leader in high-quality teaching and learning solutions, we are helping improve the world's prospects and providing individuals vital knowledge to enable them to reach their full potential throughout their lives.

McDonald's mission statement McDonald's vision is to be the world's best quick service restaurant experience. Being the best means providing outstanding quality, service, cleanliness, and value, so that we make every customer in every restaurant smile