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Strategic Management - Concept Of Corporate Strategy

Mission or Purpose - Mission and Objectives

   Posted On :  25.06.2018 11:06 pm

Its name or articles of incorporation do not define a business. The business mission defines it.

Mission or Purpose
 
Its name or articles of incorporation do not define a business. The business mission defines it. Only a clear definition of mission and purpose of the organization makes possible clear and realistic business objectives.
 
Mission statements can vary in length, content, format, and specificity. Most practitioners and academicians of strategic management feel that an effective statement exhibits nine characteristics or components. Because a mission statement is often the most visible and public part of the strategic-management process, it is important that it includes all of these essential components:

1. Customers: Who are the firm’s customers?
 
2. Product or services: What are the firm’s major products or services?
 
3. Markets: Geographically, where does the firm compete?
 
4. Technology: Is the firm technologically current?
 
5. Concern for survival, growth and profitability: Is the firm committed to growth and financial soundness?
 
6. Philosophy: What are the basic beliefs, values, aspirations, and ethical priorities of the firm?
 
7. Self-concept: What is the firm’s distinctive competence or major competitive advantage?
 
8. Concern for public: Is the firm responsive to social, community, and environmental concerns?
 
9. Concern for employees: Are employees a valuable asset of the firm?
 
Pepsi Co’s mission is to increase the value of our shareholders’ investment. We do this through sales growth, cost controls, and wise investment resource. We believe our commercial success depends upon offering quality and value to our consumers and customers; providing products that are safe, wholesome, economically efficient, and environ-mentally sound; and providing a fair return to our inventors while ad-hering to the highest standards of integrity.
 
Dell Computer’s mission is to be the most successful computer company in the world at delivering the best customer experience in markets we serve. In doing so, Dell will meet customer expectations of highest quality; leading technology; competitive pricing; individual and company accountability; best-in-class service and support; flexible cus-tomization capability; superior corporate citizenship; financial stability.
 
Establishing an organizational mission is an important part of management’s job, because the existence of a formally expressed organi-zational mission generally makes it more likely that the organizational will succeed. Having an established and documented organizational mission accomplishes several important things. A mission statement once established serves an organization for many years. But a mission may become unclear as the organization grows and adds new product, markets and technologies to its activities. So a mission statement should be broad enough to accommodate any new changes to avoid reformula-tion. 
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