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    Changing Mission Statement

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    Corporate responsibility may require changing the mission of the company to a 'constrained' wealth maximization. Is it possible for a few firms in the marketplace to shift their objective functions in this way? Please discuss why?

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    Please refer to the attached file for the response.


    Mission statement
    According to David (2005), mission statements are enduring statements of purpose that distinguish one business from other similar firms. The same author noted further that a mission statement identifies the scope of a firm's operations in terms of product and market. It was further noted that a clear mission statement describes the values and priorities of an organization.

    David (2005) said that objectives are specific results that an organization ...

    Solution Summary

    This report defines mission statement and corporate objectives. While mission statement is a statement of the purpose, scope, values, and priorities of an organization, objectives are results of an organization's mission. Changing company mission statement may be done, but with due consideration of company's stakeholders.