The ultimate challenge for a company in today’s fast growing and rapid changing world is to survive in the competition by achieving superior performance relative to its rivals. To achieve this, it requires strategic planning and one of the major components of the formal strategic planning process is to select the corporate mission, vision and objectives or goals.
A company’s mission describes what it is that the company does; in other words, the reason for the existence of the company. To explain this, the example of Agrani Bank limited, where I am presently working, can be explored. The mission of Agrani Bank Limited is not just earning profits, but to provide service to general people by mobilizing funds that they want to deposit in the banks for savings purposes and to finance in country’s industrialization, agricultural and SME sector development and in women empowerment with those funds and thus the bank ultimately contributes in the socio-economic development of the country as these developments help increase the growth of GDP (Gross Development Product) and create employment opportunity in the country.
The bank’s mission is also to provide customers with the solutions they need to get a hassle-free and faster delivery of remittance and other banking products and services.
Formulating a Mission:
To formulate a mission of an organization the main point to be considered is “What is our business? What will it be? What should it be?” In answer, a company should define its business in terms of three dimensions: who is being satisfied, what is being satisfied and how it is being satisfied.
This approach stresses the need for a customer-oriented rather than a product-oriented business definition. This is because a broad customer-oriented business...