| dc.description.abstract | Research shows the increasing popularity of a mission statement as a strategic planning tool. Formulation of quality mission statements advances companies' business strategies and in so doing enhances organisational performance. However, despite the benefits of having a good mission statement, few companies in Zimbabwe are paying appropriate attention when crafting worthwhile statements.
A mission statement is a broadly defined enduring statement of purpose or reason for organisational existence that is communicated to its stakeholders. It defines the organisation, the business that it is into and how it intends to meet human needs, and it distinguishes one organisation from other organisations (corporate identity) to make that organisation unique. It tells who we are and what we do well, as well as what we would like to become, and answers the fundamental question: what business are you in?
The mission statement is primarily a management tool that forms the foundation for organisational goals and strategies. It is the basis upon which the strategic management process of an organisation is built in response to changing environmental circumstances so as to avoid strategic drift. It is therefore essential that a mission statement is well thought through and well crafted so that it can meet its prime objectives of: communicating the strategic direction of an organisation; guiding the decision-making process; providing a common goal, and motivating staff.
Since the mission statement is the most easily noticed and public part of the whole strategic management process, it is important that it contains the essential elements of: product/services, target market, and technology used to produce and market products (PMDT), critical success factors (CSF), organisational key values (OKV) and organisational philosophy (OP).
Therefore, this research paper dwells on ensuring that when crafting a good mission statement, the above essential components must be included. The paper argues for the need to craft a quality mission statement and the form that it should take, if companies are to realise the potential benefits of mission statements. | en_US |
