Strategic Management: A Competitive Advantage Approach, Concepts and Cases, 16/e

Components of a Mission Statement

Mission statements can and do vary in length, content, format, and specificity. Most practitioners and academicians of strategic management feel that an effective statement should include the nine mission statement components given here. Because a mission statement is often the most visible and public part of the strategic-management process, it is important that it includes not only the characteristics as summarized in Table 2-3 but also the following nine components:

1. Customers—Who are the firm’s customers?

2. Products or services—What are the firm’s major products or services?

3. Markets—Geographically, where does the firm compete?

4. Technology—Is the firm technologically current?

5. Survival, growth, and profitability ...