'A mission statement is an enduring statement of purpose that distinguishes one business from other similar firms". What is a mission statement and what are the questions to be considered while preparing a mission statem

A mission statement is an enduring statement of purpose that distinguishes one business from other similar firms. A mission statement identifies the scope of a firm's operations in product and market terms. According to McGinnis, a mission statement should - define what the organisation is and what the organisation aspires to be; be limited enough to exclude some ventures and broad enough to allow for creative growth; distinguish a given organisation from all others; serve as a framework for evaluating both current and prospective activities; and be stated in terms sufficiently clear to be widely understood throughout the organisation. An ideal mission statement of business should define its customers, products or services, markets, technology, philosophy and self-concept. Questions to be considered while preparing for a mission statement: What is the basic purpose of the organisation? What is unique about the organisation? What is likely to be different about the business five years down the line? Who are, and who should be, the core customers? What are, and what should be, the principal economic concerns? What are the basic beliefs, values and philosophical priorities of the firm?