Mission Statement

Mission statement describes why it exists and what its business model is supposed to accomplish.

A mission statement is a statement of the organization’s purpose - what it wants to accomplish in the larger environment. It defines why a company exists and what it aspires to become.

A clear mission statement acts as an “invisible hand” that guides people in the organization. Managers often use the mission statement to pinpoint whether and how the company will vertically integrate as well as the firm’s product scope, geographic coverage, and competitive advantage.

"Mission statement refers to a short sentence or paragraph that describes the organization’s essential task(s), purpose, and action containing the elements of who, what, when, where, and why."

Mission statement is the written explanation of an organization’s business intentions and aims.

Share it:  Cite

More from this Section

  • Job Accommodation Network (JAN)
    Job Accommodation Network (JAN) is a service of the Office of Disability Employment Policy ...
  • Designated Groups
    Designated Groups- identifiable groups deemed to need special attention with respect to ...
  • Test marketing
    Test marketing is the stage of new-product development at which the product and its proposed ...
  • Wage differential
    Wage differential can be defined as differences in wage rates for similar jobs occurring ...
  • First-to-invent rule
    First-to-invent rule, meaning that first person to invent an item or process is given ...