Mission Statement

Question 1

What is a mission statement?

Answer 1

A mission statement is a short summary of the core purpose, focus and aims for trading profitability that a business may have

Question 2

How might a business use a mission statement?

Answer 2

To communicate to stakeholders they key objectives

To inform and motivate employees of the business aims

Question 3

What are the drawbacks of a mission statement?

Answer 3

It may not reflect reality

It may not provide any real direction if it is too vague

Question 4

What are the benefits of a mission statement?

Answer 4

It communicates the purpose of the business to build brand identity

It aligns employees with a common goal and moralises them