Mission Statement
It is a qualitative statement of an organisation’s aims. It is used by a company to explain, in simple terms, its purpose for being.
Corporate objectives
The goals of the organization that are created to provide a sense of direction and steer the actions of the organisation.
What is the use of mission statements?
Focus- Helps to focus on involve all employees in the business
Profitability- helps to motivate employees to become more effiecient which could have an impact on profitability
Identity- helps to create an identity in a competitive marketplace
Limitations of mission statements
Can be unrealistic and over optimistic
Can be a waste of management time and resources
Can lead to conflicts and inconsistencies when properly written
Can be ambigious
Can become obselete as the business develops but the mission statement remains the same.