#8 Key Question: Why is a mission statement essential for international market leaders?

The mission statement reflects the content, characteristics, values, and vision of a company, describing its fundamental principles that guide its business activities. It has a fundamental nature, defining the company’s profile. In the public eye, it serves as the company’s “business card,” allowing it to distinguish itself concisely and advantageously from competitors in the market. Internally, the mission statement acts as a significant guiding tool and platform for the company’s culture, ethics, and the behavior of employees and executives.

The structure of a mission statement is not universally defined. In practice it typically comprises three core elements:

  1. Vision: Provides information about the company’s desired entrepreneurial goals.
  2. Mission: States the business purpose of the company.
  3. Values: Describes the business philosophy and ethical standards of the company and its employees.

Worldwide market-leading companies utilize the mission statement to position their business at the highest possible value level. Hereby internally it serves as a fundamental guiding system, promoting authenticity, motivation and culture of the organization. Externally it serves as a representation of the company’s outstanding and unique capabilities and overall role within the global society, e.g.:

  • Caterpillar: “Our vision is a world in which people’s basic needs… are fulfilled in an environmentally sustainable way, and   company that improves the quality of the environment and the communities where we live and work.”
  • Google: “… to organize the world’s information and make it universally accessible and useful.”
  • Microsoft: “Our mission is to empower every person and every organization on the planet to achieve more.”
  • Starbucks: “… to inspire and nurture the human spirit – one person, one cup, and one neighborhood at a time.”
  • Tesla: “Tesla is accelerating the world’s transition to sustainable energy.”
  • Uber: “… we build globally, we live locally, we are customer-obsessed, we celebrate differences, we do the right thing, we act like owners, we preserve, we value ideas over hierarchy, we make big bold bets.”

The mission statements of international market leaders demonstrate their powerful potential to establish a strong brand identity, inspire stakeholders and display credible commitment of the company to their superior vision and values on the highest level.

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