ECONOMICS

Detailed explanation-1: -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.

Detailed explanation-2: -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.

Detailed explanation-3: -A mission reflects the organization’s past and present by stating why the organization exists and what role it plays in society. Goals are the more specific aims that organizations pursue to reach their visions and missions. The best goals are SMART: specific, measurable, achievable, realistic, and time-bound.

Detailed explanation-4: -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.