Question

The Case:
A vision statement is known as the picture of a company and lays down the foundation for a sound mission statement. Both vision and mission statements are considered vital in setting the direction of a company and to generate a viable identity for its stakeholders as well. A mission statement is ideally built by keeping a few essential components in mind (Refer to lesson 6 of VU Handouts) and it serves a specific purpose for the company. Being a student of strategic management, you are provided with two mission statements as under: -
“ABC firm is a team of committed professionals, providing innovative and efficient financial solutions with the help of modern technology to create and nurture long-term relationships with the customers. The skilful employees and equal growth opportunities ensure our shareholders to invest with confidence in us”
“Enrich the daily lives of individuals, families and communities by providing quality home care products, which offer convenience, quality and affordability”

Requirements: (4+4+1+1)
Based on the above information, please go through the mission statements and answer the following questions.
1. Mention any of the three vital components of a mission statement in the provided statements with proper reasoning.
2. Identify the narrow and broad mission statements from the given statements.

Answer 1

Ans1.

• Key market: the target audience.
• Contribution: the product or service.
• Distinction: what makes the product unique or why the audience should buy it over another.

Ans2. Mission should define the organization line/ lines of business, identify it's products and ... The mission should not be too narrow or too broad. Missions should be realistic and specific.