Page 21 - BA1 Integrated Workbook STUDENT 2018

Mission, vision and stakeholders

Mission, vision and objectives

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.’
CIMA Official Terminology

1.2 Advantages of mission statements

Advantages include:

 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

Drawbacks include:

 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 they can quickly become outdated.

13