According to our textbook, ideally, a company mission statement is sufficiently descriptive to (1) identify the company's products and services, (2) specify the buyer needs it seeks to satisfy, (3) identify the customer groups or markets it is endeavoring to serve, (4) specify its approach to pleasing customers, and (5) give the company its own identity. For example,
"Wal-Mart's mission is to help people save money so they can live better."
1. basic products and services: not specified, but everyone knows Wal-Mart's sells basically everything
2. buyer needs: live better
3. target market: everyone
4. approach to pleasing customer: save customers money
5. give the company its own identity - not clearly stated, but Wal-Mart is known to be highly efficient company
Some companies do a better job of conveying their mission statement - who we are, what we do, and why we are here. For this week's discussion, analyze a mission statement of an existing company. Identify the five facets of the company mission statement. How can this company improve its mission statement?