DCOM506 Lecture Notes - Lecture 1: Strategic Management, Johnson & Johnson, Microelectronics
Document Summary
Mission statements may vary in length, content, format and specificity. But most agree that an effective mission statement must be comprehensive enough to include all the key components. An indispensable component of the mission statement is specification of the firm"s basic product or service, markets and technology. Every firm has to secure its survival through growth and profitability. These three economic goals guide the strategic direction of almost every business organisation. A firm that is unable to survive will be incapable of satisfying the aims of any of its stakeholders. Profitability is the mainstay goal of a business organisation, and profit over the long term is the clearest indication of a firm"s ability to satisfy the claims and desires of all stakeholders. A firm"s growth is inextricably linked to its survival and profitability. The statement of a company"s philosophy (also called company creed) generally appears within the mission statement.
