MARKETING 57.
Defining the corporate mission
A corporate mission is a formal statement that defines a company’s core purpose, values, and objectives. It outlines the organization’s reason for existing, what it aims to achieve, and the role it seeks to play in the broader society or industry. The mission provides direction for the company’s strategy, guiding decision-making, prioritizing goals, and aligning organizational efforts toward achieving long-term success. It often reflects the company’s commitment to its stakeholders, including customers, employees, and the community.
An organization exists to achieve specific goals—whether producing cars, lending money, or providing services like lodging. Over time, a company’s mission may evolve to adapt to new opportunities or changing market conditions. For example, Amazon.com shifted its mission from becoming the world’s largest online bookstore to aiming to be the world’s largest online store, eBay moved from running online auctions for collectors to auctioning all types of goods, and Dunkin’ Donuts refocused from doughnuts to coffee.
To define its mission, a company should address Peter Drucker’s fundamental questions:
- What is our business?
- Who is the customer?
- What does the customer value?
- What will our business be in the future?
- What should our business be?
These seemingly straightforward questions are among the most challenging for any organization. Successful companies continually reflect on and refine their answers.
