Business Essay

5191 Words 21 Pages
Refika BAKO LU Marmara University, Turkey Bige A KUN Marmara University, Turkey

A well-designed mission statement is essential for formulating, implementing and evaluating business strategy. However the role of the mission statement in the strategic management of business firms has not been sufficiently highlighted in the research literature. The importance of mission statements to the effective strategic management of business organizations is well documented in the literature but it is quite surprising that minimal attention has been paid to the role of mission statements of socially responsible organizations. This paper attempts to fill this gap in the
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Mission statements offer the opportunity for any organization to define clearly the business it is in, state its overall purpose and indicate its uniqueness or distinctive competence (Davies and Glaister, 1997). The first component of the strategic management process is defining the mission and major goals of the organization. The mission sets out why the organization exists and what should be doing (Hill and Jones, 1997). Management's vision of what the organization seeks to do and to become is commonly termed the organization's mission. A mission statement establishes the organization's future course and outlines 'who we are, what we do and where we're headed' In effect, it sets forth the organization's intent to stake out a particular business position (Thompson and Strickland, 1999). A sense of mission is important because it generates trust and belief in the activities of the organization. It gives meaning to work, motivates people and fosters consensus activities conducive to the achievement of organizational goals. A mission statement provides a unifying force, a sense of direction and a guide to decision- making for all levels of management (Kemp and Dwyer, 2003;636).

Mission statements are today seen as an important business tool, combining a statement of purpose for the organization with some form of aspirational

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