Reviewing Company's Mission Statements Research Paper

Reviewing Company's Mission Statements - Research Paper Example It should also be the standard with which the company is willing to be evaluated. According to Bart and Tabone (1998), mission statements should be ‘enduring, passionate, and lacking in specific quantitative measurements’. However, there are circumstances when a company finds its mission statement outdated and is often misaligned with new business objectives. There are times when a company’s mission statement is no longer â€Å"relevant in addressing to new realities† (Radtke, 2009) and thus be a subject for review to â€Å"reflect changes in institutions, as well as in the environments within which the institutions are called on to function† (Bart & Tabone, 1998). This paper examines such instances when companies modify and alter their mission statements in accordance to the changes in corporate values and the business environment. The paper should further explain why corporations are spending time reviewing their mission statement and why this has become an increasing concern for the organization. Mission Statement and Its Impact The main benefit of crafting an effective mission statement is that it creates an impact to people who get exposed to it. According to Abrahams (2007), a well-crafted mission statement serves as a â€Å"practical focus for individuals within the corporation†. This means that company statements often inspire and influence certain needs and aspirations of the organization and its employees. When assimilated into the organization’s culture, mission statements become an integral part of the strategic planning process of the company (David & Pierce III, 1987). In other words, it helps company managers and employees to stay focused on the organization’s goals. However, a mission statement is not only be beneficial to people within the company but also to its target audience – customers, investors, and possibly donors. Birbaum (2004) emphasized the significant impact of a company ’s mission statement to its customers because it is what defines them. When people are presented with an organization’s statement of intent, it gives them a clear picture of what the organization is trying to do. Because of these reasons, mission statements are considered as â€Å"an actual blue print for a company’s future and ultimately, its success† (Abrahams, 2007). When the organization successfully integrates the goals and values expressed in its mission statement and acts according in accordance to its principles, then it secures its morale and strengthens its reputation as a company. On the other hand, when a company succumbs to weaknesses and failures inside and outside the organization, its morale crumbles and its reputation becomes shaky. Mission Statement and Its Limitations An organization’s mission statement is central to its business strategy. As such, it is important that company statements should be, according to Bart and Tabone (1 998), â€Å"enduring (i.e., they should not have a time frame); passionate (i.e., they should be emotionally charged); and lacking in specific quantitative measurements (i.e., financial goals)†. However, Grunig & Kuhn (2008) further extends these characteristics of mission statements into reasons why it should be flexible and dynamic. The authors argued that while a mission statement does not include a time frame for its validity, it should nevertheless remain under review