A company’s mission statement captures the soul of the company and delineates its reason for being.
“A company’s mission statement captures the soul of the company and delineates its reason for being. A well-crafted mission statement is defined by four key characteristics. A mission statement should be:
- Meaningful. The mission statement must clearly articulate the main goal(s) the company aims to achieve. For example, Google defines its mission as “To organize the world’s information and make it universally accessible and useful.”
- Value-driven. The mission statement must reflect the company’s values. It should inspire employees, provide them with a sense of purpose, and help build and sustain the company culture. For example, Patagonia defines its mission as “Build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis.”
- Enduring. The mission statement takes a long-term view. Unlike a company’s goals and objectives, which tend to be updated as the company achieves certain benchmarks, the mission statement should persist over time and be changed only when it ceases to be relevant. For example, Nike defines its mission as “Bring inspiration and innovation to every athlete in the world.”
- Succinct. The mission statement should be short and memorable.”
Excerpt From: Alexander Chernev. “Strategic Marketing Management: Theory and Practice.” Apple Books. https://books.apple.com/us/book/strategic-marketing-management-theory-and-practice/id1511005025