Understanding Business
Understanding Business
12th Edition
ISBN: 9781259929434
Author: William Nickels
Publisher: McGraw-Hill Education
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What would be an ideal mission statement for Marks & Spencer with the following framework? 

Components of a Mission Statement
1. Customers Who are the firm's customers?
2. Products or services-What are the firm's major products or services?
3. Markets Geographically, where does the firm compete?
4. Technology Is the firm technologically current?
5. Survival, growth, and profitability Is the firm committed to growth and financial soundness?
6. Philosophy What are the basic beliefs, values, aspirations, and ethical priorities of the firm?
7. Self-concept (distinctive competence) What is the firm's major competitive advantage?
8. Public image Is the firm responsive to social, community, and environmental concerns?
9. Employees Are employees a valuable asset of the firm?
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Transcribed Image Text:Components of a Mission Statement 1. Customers Who are the firm's customers? 2. Products or services-What are the firm's major products or services? 3. Markets Geographically, where does the firm compete? 4. Technology Is the firm technologically current? 5. Survival, growth, and profitability Is the firm committed to growth and financial soundness? 6. Philosophy What are the basic beliefs, values, aspirations, and ethical priorities of the firm? 7. Self-concept (distinctive competence) What is the firm's major competitive advantage? 8. Public image Is the firm responsive to social, community, and environmental concerns? 9. Employees Are employees a valuable asset of the firm?
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