Business Vision & Mission Statement
While a business must continually adapt to its competitive environment, there are certain core ideals that remain relatively steady and provide guidance in the process of strategic decision-making. These unchanging ideals form the business vision and are expressed in the company mission statement.
The mission statement communicates the company's core ideology and visionary goals, generally consisting of the following three components:
The company's core values and purpose constitute its core ideology and remain relatively constant. They are independent of industry structure and the product life cycle. The core ideology is not created in a mission statement; rather, the mission statement is simply an expression of what already exists. The specific phrasing of the ideology may change with the times, but the underlying ideology remains constant. Given the information from the environmental scan, the company should match its strengths to the opportunities that it has identified, while addressing its weaknesses and external threats. This is accomplished through strategy formulation.
To attain superior profitability, the company seeks to develop a competitive advantage over its rivals. A competitive advantage can be based on cost or differentiation. |