So what is a mission statement?
A mission statement is a statement of purpose, it defines what the business wishes to achieve in the wider environment. A mission statement should be market-oriented and defined in terms of satisfying basic customer needs. It should emphasise the company’s strengths and how it intends to win the marketplace.
Think of a mission statement as ‘an invisible hand’ that guides people throughout a business.
To develop a sound mission statement, ask yourself these 4 key questions….
- What is our business?
- Who are our customers?
- What do our customers value?
- What should our business be?
A good mission statement also has 3 major characteristics….
- It focuses on a limited number of goals
- It highlights the major policies and values an organisation wishes to honour
- It defines the main competitive scopes within which the organisation will operate
When thinking about your main competitive scopes, consider ….
- Products and Applications Scope – the range of products and applications that your company will supply
- Competence Scope – the range of technological and other competencies that your company will master and leverage
- Industry Scope – the range of industries in which your company will operate
- Market Segment Scope – the type of market or customers to be served by your company
- Vertical Scope – the number of channel levels from raw material to final product and distribution in which your company will participate
- Geographical Scope – the range of countries, regions, or country groups in which your company will operate
So remember these key elements to construct a strong mission statement for your brand and business.
Here are some mission statements of famous brands….
