What is a Mission Statement? Definition and meaning

Mission Statement

Definition: a Mission Statement is a compact articulation of a firm's corporate mission. It conveys its ‘raison d'être’ and highlights its goals and principles. It is a broadly defined but enduring statement of purpose that distinguishes the organization from others of its type and identifies the scope of its operations in product (service) and market terms.
Typically a MS articulates and summarizes 4 interrelated and reinforcing elements:
1. Corporate Purpose
2. Corporate Values and Beliefs
3. Corporate Standards and Behaviors
4. Corporate Scope and Core Competence

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