Friday, December 9, 2011

State the process of formulating a mission statement.

Formulation of a mission statement:

The formulation of a mission statement of any business or non-business organization can be done in the following procedure.
  • Belief that the product or service can provide benefits at least equal to its price,
  • Belief that the product or service can satisfy customer needs currently not met adequately,
  • Belief that, the technology to be used in production will provide a product that is cost and quality effective and competitive,
  • Belief that, the management philosophy of the business will result in favorable public image,
  • Belief that, with hand work and the support of others, the business can do better to survive, grow and be profitable,
  • Belief that, the company is unique and distinct in its character from others.
Therefore, all the formulation tactics of mission statement are shown above.

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