We explain what corporate mission is, its characteristics, and the factors to consider when creating it.
What is corporate mission?
Corporate mission is the purpose of an organization, i.e. the reason for its existence. It is usually communicated in written form: on the company's website, on product labels, or through other channels that are visible to customers.
All members of the company should be clear about the company's mission as a guide to focus on daily tasks and towards the achievement of company goals.
For example: Adidas' corporate mission is “To strive to be the global leader in the sporting goods industry with brands built on a passion for sports and a sporting lifestyle.”
The way in which a company plans to achieve its purpose, i.e. its corporate mission, is a written statement in the form of a sentence or paragraph called corporate vision, which states the path the company will follow to achieve its mission. For example: Adidas' corporate vision is “To be the design leaders with a focus on getting the best out of the athletes with performance guaranteed products in the sports market globally”.
- See also: Company vision
Importance of corporate mission
The importance of corporate mission is that it allows for planning the structure and objectives of an organization, along with the vision statement and values that represent it.
If the mission were to constantly change, companies would not be able to maintain their course, plans, or set goals. Defining a company’s mission is key, as well as making it part of the organizational culture.
A company’s mission statement will make it possible to define a brand image, a slogan, communication and business strategies, among other business actions.
How to define a company’s mission
In order to define a company's mission, the following steps can be followed:
- Think about basic questions, such as: What does the company do? Why does it exist? Who do we want to sell our products to?
- Based on the answers obtained, brainstorm ideas that may represent the business we want to develop.
- Write down ideas and select only the concepts that best suit the type of company we want to create.
- Write out the written concepts so that they are clear, brief, and can stand the test of time. Wanting to be “market leaders” is not the same as wanting to “achieve maximum sales”, as this can change monthly.
- Share ideas with other people involved in the project, listen to opinions and suggestions, and review the short-listed ideas to define our company’s mission.
The mission is a purpose that remains unchanged over time. Therefore, the corporate mission statement should not change over time, unless the company must reinvent itself, merge with another company, or external circumstances affect its performance.
Once the company’s mission statement is defined, the company's vision, values and business plans can be built upon it.
Mission, vision and values
The difference between mission, vision and values is:
- Mission. It states the reason or purpose behind a company's existence. For example: to manufacture household products that have a positive impact on the environment. The mission answers questions such as: What company image do we want to convey? How do we want to be recognized in the future? What do we want our company to do in the future?
- Vision. It sets out how the company will plan and carry out its purpose. For example: with the use of quality natural raw materials and employees working in decent conditions. The vision answers questions like: Who are we as a company? What do we do? Who do we work for?
- Values. They establish the principles upon which the mission, vision, and corporate culture are based. They define the way the company plans and acts. For example: discipline, humility, and a sense of community are the pillars that influence the decision-making process of a company's management. Values answer questions such as: What are our core ethical vaues? What attributes does our brand image convey? How do we want to be valued by external audiences? How do we want our employees to recognize us?
Examples of corporate mission
Some real examples of mission statements are:
- Airbnb's mission statement. “To create an end-to-end travel platform that will handle every part of your trip.”
- Amazon's mission statement. "To continually raise the bar of the customer experience by using the internet and technology to help consumers find, discover and buy anything.”
- Apple's corporate mission. “To design the world's best personal computers, lead the digital music revolution and define the future of mobile media.”
- Coca-Cola's corporate mission. “To satisfy beverage consumers with excellence.”
- Google's corporate mission. “To organize the world's information and make it universally accessible and useful.”
- Microsoft's corporate mission. “To empower every person and every organization on the planet to achieve more.”
- Nike's corporate mission. “To bring inspiration and innovation to every athlete in the world.”
- Paypal's corporate mission. "To build the web’s most convenient, secure, cost-effective payment solution.”
- Samsung's corporate mission. “To create superior products and services, thereby contributing to a better global society.”
- Uber's corporate mission. “To help people go anywhere and get anything and earn their way.”
References
- "Principles of marketing" Kotler, P., Wong, V., Saunders, J., & Armstrong, G. (2007). fourth european edition. Mate, Zagreb.
- "Misión, visión y valores de una empresa: qué son y cómo definirlos". Santander universidades (2022).
- ¿Cómo escribir una declaración de misión eficaz?. Asana (2022).
- Misión, visión y valores de una empresa:15 ejemplos" Lugo, C. Media Source (2022).
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