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Purpose, Mission, and Vision Statements

Purpose, Mission, and Vision Statements explain why a company exists, how it plans to achieve its goals, and what the business will ultimately achieve. They are implemented by senior leaders and used internally to guide strategy and inspire employees, and externally to enlist support and communicate with stakeholders.

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26 views

Purpose, Mission, and Vision Statements

Purpose, Mission, and Vision Statements explain why a company exists, how it plans to achieve its goals, and what the business will ultimately achieve. They are implemented by senior leaders and used internally to guide strategy and inspire employees, and externally to enlist support and communicate with stakeholders.

Uploaded by

Russuo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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BAIN & COMPANY e)

Management Tools

Purpose, Mission, and Vision Statements


Purpose, Mission, and Vision Statements explain why a exists, how it plans to achieve its goals,
company
and what the business will ultimately achieve.

January 31, 2023 • 3 min read

What Are Purpose, Mission, and Vision Statements?


Purpose, Mission, and Vision Statements explain why a exists, how it plans to achieve its goals,
company
and what the business will ultimately achieve.

A Purpose Statement is an explanation of the company's motivations and reasons for being, and why it
works the way it does.

A Mission Statement is a definition of the company's business, who it serves, what it does, its objectives, and

its approach to reaching those objectives.

A Vision Statement is a description of the desired future state of the company. An effective vision inspires
the team, showing them how success will look and feel.
Usage and satisfaction among survey respondents

PURPOSE MISSION AND VISION STATEMENTS

Usage rate
100%

........_
80 __ -
----- ...

60

40

20

Level of satisfaction (5=highest satisfaction)


5

4
---

0 I I I I I I I I

1993 1995 2000 2005 2010 2015 2020 2022

Note: In prior surveys, Purpose, Mission, and Vision Statements was called Mission and Vision Statements

How Are Purpose, Mission, and Vision Statements


Implemented?
Typically, senior leaders will write the company's Purpose, Mission, and Vision Statements with inputs from
the broader organization. The development process usually begins by clarifying the purpose, then defining
the mission, and then painting the vision. This requires leaders to:

• Clearly identify the corporate culture, values, strategy, and view of the future by interviewing employees,

suppliers, and customers

• Address the commitment the firm has to its key stakeholders, including customers, employees,

shareholders, and communities

• Ensure that the objectives are measurable, the approach is actionable, and the vision is achievable
• Communicate the message in clear, simple, and precise language

Develop buy-in and throughout the organization


• support

Related Topics

Corporate Values Statements


Cultural Transformation

Strategic Planning

What Are Common Uses of Purpose, Mission, and Vision


Statements?
Purpose, Mission, and Vision Statements are used both internally and externally.

They are used internally to:

• Guide management's thinking on strategic issues, especially during times of significant change

• Help define performance standards

Inspire employees to work more productively by providing focus and goals


•
common
• Guide employee decision making
• Help establish a framework for ethical behavior

They are used externally to:

• Enlist external support


• Create closer linkages and better communication with customers, suppliers, and alliance partners
• Serve as a public relations tool

Selected references (click to expand) +


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