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Mission and stakeholders

Mission

1.1 Mission statements

A mission statement is:

‘A published statement, apparently of the entity’s fundamental
objectives. This may or may not summarise the true mission of the
entity.’

1.2 Advantages of mission statements

 communicates with all stakeholder groups – all key stakeholders
know what to expect from the organisation

 helps develop a desired corporate culture – communicates core
values to employees

 assists in strategic planning – used by management to screen out
unsuitable strategies.

1.3 Drawbacks of mission statements

 may not represent the actual values of the organisation – employees
may not believe the mission is correct!

 they are often vague – full of meaningless terms, such as ‘best’

 they are often ignored – if the mission isn’t published, it is of limited
usefulness

 they can quickly become outdated.

Illustrations and further practice

Now try TYU 1.

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