 Appreciate the importance of mission  Identify the elements of a well crafted mission  Identify the benefits of a mission statement  Establish the.

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Presentation transcript:

 Appreciate the importance of mission  Identify the elements of a well crafted mission  Identify the benefits of a mission statement  Establish the means to develop and define business mission  Application via case study

? What is the value of a mission statement? Here’s a

Ultimately, mission is the answer to the question… ‘What, exactly, is your business about?’

A mission statement Testifies What the BUSINESS is, Why it exists, what it will do and what it hopes to achieve

The Benefits Of A Mission Statement Articulates and details vision Encourages analysis of the venture Defines the scope of the business Guides objective setting Clarifies strategic options Communicates the purpose of the business to investors Draws together disparate stakeholders Provides a point of reference Locates the venture for customers & suppliers

? What does a good mission statement look like

Product Desired range Market Desired niche Benefits Sustainable Innovation Needs served Values Aspirations What They Should Include

Business Goals Stakeholder Goals Opportunity Market conditions Resources Capabilities Competencies Challenges And Risks Values Architecture Mission Mission Statement Analysis

Some afterthoughts A mission statement articulates what a business or new venture aims to achieve to create a ‘new world’

IKEAs Mission! See the full case; IKEA’s Mission

 How well does IKEA’s mission complement its vision?  Does it state what the core purpose of the business is  Is it realistic in terms of opportunity and the capabilities required to exploit it  Does it drive operational and creative practices?  Does it foster stretch in the business ?  Are you able to improve your mission?