Mission Statement
The foundation of any marketing plan is the firm's mission statement. A mission statement explains the purpose of why a company is in business and what it is trying to accomplish. A company can't create a mission statement without first analyzing itself and the conditions of the environment in which it competes. A mission statement should be focused on the market and environment and not just on a company's products or services. When a company focuses too closely on its products or services rather than benefits to consumers, the company is exhibiting marketing myopia. If a company writes a mission statement that says it is in the soda business rather than the beverage business, it is limiting its opportunities.
An example of an excellent mission statement is Apple's. The mission statement is 'Apple is committed to bringing the best personal computing experience to students, educators, creative professionals and consumers around the world through its innovative hardware, software and Internet offerings.' This covers a lot of ground and, as we know, allows Apple to delve into many areas of the market. Once a mission statement has been created, it is important to conduct a situational analysis on the overall business environment in order to compete effectively.