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Mission statement formulation

How do companies formulate their mission statement? Why is the mission statement important in guiding an organization's strategic direction?

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A mission statement must truthfully enlighten the purpose of the organizations' existence, why the organization is there and what it wants to accomplish in the years or decades to come.

According to Radtke (1998), a mission statement must answer the following questions:

1. What are the opportunities or needs that we exist to address? (the purpose of the organization)
2. What are we doing to ...

Solution Summary

This is a suggestion on how the mission statement of any organization can be formulated. It also shows examples of the mission statements of popular and successful global businesses like Apple, Inc., Facebook, and Walmart.