Business

Study Notes

Mission Statements and Business Objectives

Level:
AS, A Level, IB
Board:
AQA, Edexcel, OCR, IB, Eduqas, WJEC

The mission of a business is the overriding goal of the business and the reason for its existence. A mission provides a strategic perspective for the business and a vision for the future.

Relationship Between Mission and Objectives

An effective mission statement:

  • Differentiates the business from its competitors
  • Defines the markets or business in which the business wants to operate
  • Is relevant to all major stakeholders - not just shareholders and managers
  • Excites, inspires, motivates & guides – particularly important for employees

Mission statements are often criticised because they are:

  • Not always supported by actions of the business
  • Often too vague and general or merely statements of the obvious
  • Viewed as a public relations exercise
  • Sometimes regarded cynically by employees
  • Not supported wholeheartedly by senior management
Introduction to Mission Statements

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