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Mission Statement

Mission Statement
MISSION STATEMENT Why mission statements are important? Before going into that, let me first briefly tell you what a mission statement is. Firms in corporate business arena perform different business activities to earn profit as well as to retain their market share and stand. How does the general public know what they are up to? Is it really necessary for the firms to expose the nature of their activities to outsiders! Well, by explicitly defining the mission of your company, you stand a chance to gain identity, character and image and there is nothing to lose. A mission statement defines the basic reason for the existence of the organization and it clearly reflects your corporate philosophy. The management’s actions also might reflect their mission, in which case the mission statement is not explicitly defined and sometimes it could be deduced from the press statements released by the CEO. Whether defined or not defined, each and every organization has a definite mission that is clearly communicated to all the employees for action. When defined, it also serves as a means to highlight the firm’s social responsibility.  Following are the distinct characteristics that a mission statement should possess: It should be precise: The mission should neither be narrow as to restrict the activities of an organization nor too broad to make the situation pointless. It should be crystal clear: It should be clear enough to lead to action and not high-sounding and adhere to cheap publicity. It should be feasible: The actions mentioned must be well within the reach of the company and should not be impossible. It should be realistic and achievable. As, credibility is involved, firms must exercise caution when they release their mission statements. Feasibility mainly depends on the resources available that facilitate the firm to work towards the mission. It should be motivating: Motivating both for the employees and the society. Employees must identify themselves with the organization and feel proud that it is worth working for the firm and customers should take pride in associating themselves with that firm. It should be distinctive: It should project your distinctive competence to sustain competitive advantage. Say, if you own a garment shop, you should talk about the range of clothes that you can offer for different sections of the society and you can name yours a “Family Shoppe”, so that people will understand the nature of your business. It should indicate major components of strategy: If the aim of your company is stability, growth, diversification or concentration, all those can be included in your mission statement. It should also indicate how objectives are to be accomplished: The time period, production target, product specialization, product or process differentiation, everything can find their place in mission statements for the benefit of the society and self. Strategic management involves intelligent and timely decision making and mission statements are nothing but components of strategic planning that help the managers to lead the firm with some distinct “ideology” in the form of mission statements. Some Interesting Mission Statements: Google’s mission is to organize the world’s information and make it universally accessible and useful.  Nike-“Crush Reebok.” Wal-Mart-“To give ordinary folk the chance to buy the same thing as rich people.” Walt Disney-“To make people happy.” Infographic on 24 Most Inspirational Company Mission...
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CEO

CEO
CEO – Chief Executive Officer Chief Executive Officer : The highest ranking executive in a company who is responsible for a company’s operations , usually the President or the Chairman of the Board. Chief Executive – Architect of an Organization: An architect brings out the aesthetics of a building by infusing soul into spaces through his thought process. Likewise a chief executive (CE) is the most important architect of an organization who is responsible for designing and building all aspects of strategic management right from formulation to evaluation of strategies through thought management. He has multifarious facets to exhibit and designations to be withheld, such as the managing director, executive director, president or general manager in business enterprises. As the chief strategist, he plays a pivotal role in strategic decision-making too. Due to the significance attached to the post, researchers and numerous authors have attempted to redefine their roles, functions and responsibilities from time to time. This is quite understandable since the CE of an association plays the most vital role in determining whether an organization has chosen the right path towards success. Chief Administrator: He might also be called as the organizational leader or builder; chief administrator, implementer or coordinator and communicator of organizational objectives; he should don various roles in the likes of motivator, personal leader or mentor, depending on the function he is anticipated to perform by the management. Every chief executive does not and need not personify all the above cited qualities: but a good chief with high business acumen and an eye for detail can definitely fill the bill over a period of time. Major roles and responsibilities of a chief executive: Enunciation of Corporate Philosophy -with the help of his team members the chief executive must try to set the company’s goals and objectives and supporting strategic moves must be planned from the bottom level to the top. Clues from the external environment must be taken into consideration before making the necessary moves. Growth-all the CE’s are expected to be growth stimulators. This can be accomplished by setting targets which have to be dealt with within the stipulated time period. Employees can be involved in this process to set short term objectives followed by periodical reviews with management executives to evaluate the success rate of the projects undertaken. The expertise and interest of the CE helps to infuse motivation and enthusiasm amongst the work force which results in quick completion of targets. A chief executive is responsible for both external and internal functional responsibilities. His role cannot be confined to a particular sphere of action as he is expected to be a generalist in order to manage effectively and be self sufficient once he reaches the top. Self-management and management of time are very important. Outgoing and should possess charisma Other parameters like age, intelligence, education, functional background and experience are also scrutinized when a company likes to choose its chief strategist. A CE performs the strategic tasks- actions which are essential to provide a direction to the organization in order to achieve its purpose. He is the key person in setting the mission of the organization, deciding the objectives and goals, formulating and implementing the strategies and in setting a concrete ethical prototype to enhance the quality of the system as a...
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