What is Mission statement?
Mission statement: A short statement of why a company exists.
Where Mission statement fits
Mission statement is part of Mission & Competition in Management. A mission says why you exist; competition shapes how you win. Barriers to entry protect a market, first movers gain an edge, and vertical integration owns more of the chain.
Practical tip
Write a clear mission and be different, not just cheaper.
Related terms
- Vertical integration
- Owning several steps of the supply chain, such as production and retail.
- First-mover advantage
- The benefit of entering a market before rivals.
- Barrier to entry
- Anything that makes it hard for new firms to join a market.
- Cost leadership
- A strategy of becoming the lowest-cost producer in a market.
- Leadership style
- The way a manager guides and motivates a team.
- Change management
- Helping people adopt new ways of working.
- Emotional intelligence
- Understanding and managing your own and others' feelings.
Formulas you will use with it
Test yourself
Which term means: “A short statement of why a company exists.”?
Vertical integration · Emotional intelligence · Mission statement
Answer: Mission statement
Learn Mission statement by playing
Quizzes, a CEO simulator, a real estate tycoon game and startup tools. Free to start, in 7 languages.
Play BizJourney free →