BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Roles Played by Mission and Vision. Mission and vision statements play three critical roles: (1) communicate the purpose of the organization to stakeholders, (2) inform strategy development, and (3) develop the measurable goals and objectives by which to gauge the success of the organization’s strategy.

Detailed explanation-2: -A mission statement is a concise explanation of the organization’s reason for existence. It describes the organization’s purpose and its overall intention. The mission statement supports the vision and serves to communicate purpose and direction to employees, customers, vendors and other stakeholders.

Detailed explanation-3: -Mission statements define your organization’s purpose and its primary objectives. They are set in the present tense, and explain why you exist as a business, both to members of your organization and to people outside it. Mission statements tend to be short, clear and powerful.

Detailed explanation-4: -First, it outlines a company’s goals and position in the industry for its customers, competitors, and other stakeholders. It also helps the organization focus and stay on track to make the right decisions about its future. Furthermore, the mission statement helps clarify a company’s purpose.