BBA 4951 Unit VI Journal

BBA 4951 Unit VI Journal

A mission statement is an enduring statement that provides purpose and distinguishes a particular business from other similar firms. It provides an identity to the scope of a firms operations and addresses the question “what is our business?” It also provides a reason for being, while a vision statement provides guidance for what a business wishes to become in the future. With that being said, there may come a time when it would be appropriate for an organization to change/alter their mission/vision statements to fit changing times, organizational needs, and the needs or desires of customers. Organizations perform constant evaluation of their performance and determine corrective actions if needed. Taking corrective actions is the third step in the strategy-evaluation process and it involves making appropriate changes that will reposition a firm for future success. One of these corrective actions includes changing or altering an organizations mission/vision statements. While there is no specified or set time frame for which firms should change their mission or vision statements, they can be changed or altered to keep up with varying demands, markets, products, or when corrective actions deem it necessary in order to correct unfavorable variances. As mission/vision statements describe the foundation of a business, they generally should not require changing completely, however, as a business evolves, they may be altered to meet new objectives or to expand to new audiences. Other reasons an organization may consider changing or altering their mission/vision statements include a change in an organizations scope entirely, the current mission/vision statements are out dated and do not clearly define the organization in todays climate, strategies have evolved, the company alters its vision of the future, or the current mission/vision statements are no longer realistic or achievable, just to name a few.