Mission statement

A mission statement is a short statement of why an organization exists, what its overall goal is, the goal of its operations: what kind of product or service it provides, its primary customers or market, and its geographical region of operation. It may include a short statement of such fundamental matters as the organization's values or philosophies, a business's main competitive advantages, or a desired future state—the "vision". Historically it is associated with Christian religious groups; indeed, for many years, a missionary was assumed to be a person on a specifically religious mission. The word "mission" dates from 1598, originally of Jesuits sending ("missio", Latin for "act of sending") members abroad. A mission is not simply a description of an organization by an external party, but an expression, made by an organization's leaders, of their desires and intent for the organization. A mission statement aims to communicate the organisation's purpose and direction to its employees, customers, vendors, and other stakeholders. A mission statement also creates a sense of identity for employees. Organizations normally do not change their mission statements over time, since they define their continuous, ongoing purpose and focus. According to Chris Bart, professor of strategy and governance at McMaster University, a commercial mission statement consists of three essential components: 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 Bart estimates that in practice, only about ten percent of mission statements say something meaningful. For this reason, such statements are widely regarded with contempt. Although the notion of business purpose may transcend that of a mission statement, the sole purpose of a commercial mission statement is to summarize a company's main goal/agenda, it outlines in brief terms what the goal of a company is. Some generic examples of mission statements would be, "To provide the best service possible within the banking sector for our customers.