QS Study

Your mission statement serves as a guide for day-to-day operations and as the foundation for strategic planning and future decision making. For example, the charity above might have a mission statement as “providing jobs for the homeless and unemployed”.

A mission statement includes the following elements:

Obligations to stockholders: A mission statement places emphasis on the most important stakeholders and meeting the needs of various stakeholder groups.

The scope of the business: It includes the fields in which the company will compete defined by the customer served, the function provided and the technology employed.

Sources of competitive advantage: It includes the skills that the company will develop to achieve its vision. It is a description of how the company intends to succeed in creating customer value and competitive advantage.

View of the future: A mission statement also includes the anticipated regulatory, competitive, and economic environment in which the company must compete. So, these are the various key elements of a mission statement.