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Mission statements can be long or brief, the main purpose of an organizations mission statement is to tell who the company is and describe their purpose for being. It is an important communication statement for customers and stakeholders. Creating a mission statement with mangers, stakeholders and employee could help a business be more success because they took part in helping to create it. The mission statement is the most visible part of the management process.
A good mission statement would include the following components: Customers who they are and how and how you will benefit them. A companies products and services and if they are unique. Markets in where the company will compete, the technology of the company, what is the company’s goal or commitment towards economic growth, The philosophy of the company explaining their beliefs, core values and priorities, included should also be the company’s strengths and weaknesses, the concern for public image is important to know if the firm is socially responsible or environmentally friendly, and lastly what is the concern or focus for employees. These components can be very helpful to getting an overall view of who the company is and how they plan to conduct themselves, and based on the mission statement the strategic business process can begin.
The nine basic components of a mission statement are to keep it short, unique to the business, creates expectations, realistic, memorable, active, positive, adaptable, and targeted (Quain, 2019, para. 2-10). It is important to include as many of these components as possible because it helps capture the purpose and goal of the business. It is important that the mission statement is clear so it does not confuse the audience.
A SWOT analysis is a very important step in the strategic planning process because it specifically identifies the weaknesses and threats that can be addressed to become more competitive and possibly get the competitive advantage and be ahead of the competition. It also identifies the strengths and opportunities in which the organization can capitalize on and use to their advantage. It is also important because in order for an organization to have a strategic plan that will be successful, they must know where they stand in comparison to the competition. A VRIO can help an organization by providing an assessment of internal resources and determine if they are sufficient to accomplish the mission and if not, the organization may add are reallocate resources to better align their ability to accomplish the missions.
A TOWS matrix framework would be appropriate for a business that is looking to expand in a new market that its competition has not yet entered.
Quain, S. 2019. 9 Characteristics of an Effective Mission Statement. Retrieved from https://smallbusiness.chron.com/9-characteristics-effective-mission-statement-18142.html