Business Strategy And Objectives- Mission Statment

Question 1

What is a mission statement

Answer 1

A short statement that tells why the business exists, vaguely goes over a bit about the company’s ideals, culture and what they make/service

Question 2

How to justify a mission statement

Answer 2

Key market: the target audience.
Contribution: the product or service.
Distinction: what makes the product unique or why the audience should buy it over another.

Question 3

Advantages and disadvantages of a mission statement

Answer 3

Advantages-helps motivate staff and to keep them in line with eh company’s values
Disadvantages- if lofty and unrealistic then can distract staff from the company’s true goals

Question 4

Impact of changing a mission statement to the business

Answer 4

minor changes may not actually impact your business’s goals or mission, larger changes like moving into a new sphere will absolutely need to be registered.