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firm’s reason for being 9 Copyright 2023 Prentice Hall Mission Statements ?Creed statement ?Statement of purpose ?Statement of philosophy ?Statement of business principles Also referred to as: 10 Copyright 2023 Prentice Hall 11 Copyright 2023 Prentice Hall Reveal what an anization wants to be and whom it wants to serve Mission Statements Essential for effectively establishing objectives and formulating strategies 12 Copyright 2023 Prentice Hall Vision Mission Many anizations develop both vision mission statements 13 Copyright 2023 Prentice Hall Vision Mission Profit vision are necessary to effectively motivate a workforce 14 Copyright 2023 Prentice Hall Vision Mission Shared vision creates a munity of interests 15 Copyright 2023 Prentice Hall Developing Vision Mission Clear mission is needed before alternative strategies can be formulated and implemented 16 Copyright 2023 Prentice Hall Developing Vision Mission Participation from diverse managers is important in developing the mission 17 Copyright 2023 Prentice Hall Importance of Mission Mission Resource Allocation Unanimity of Purpose Organizational Climate Focal point for work structure Benefits from a strong mission 18 Copyright 2023 Prentice Hall ?Broad in scope ?Generate strategic