ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A mission statement is defined as an action-based statement that declares the purpose of an organization and how they serve their customers. This sometimes includes a description of the company, what it does, and its objectives. A mission statement is a short summary of your company’s purpose.

Detailed explanation-2: -A mission statement is used by a company to explain, in simple and concise terms, its purpose(s) for being. It is usually one sentence or a short paragraph, explaining a company’s culture, values, and ethics.

Detailed explanation-3: -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-4: -Do keep it short and concise. Sum up the company’s mission in just a few sentences. Don’t write an essay. Do think long-term. Don’t make it too limiting. Do find out what your employees think of the mission statement. Don’t be afraid to change it.