Global Business Strategy - Essay Example

The mission statements as well as the corporate values are an important aspect for developing strategies for companies. Strategies are developed with the objectives of attaining goals as well as to generate profits for companies. The mission statement of companies depicts the current or present businesses purpose and scope. The mission statement depicts “who we are, what we do, and why we are here” about companies (The McGraw-Hill Companies, 2011). Values of companies are the beliefs, traits as well as behavioural norms which are to be abided by and followed by every personnel involved with the companies.

The companies’ personnel are required to perform or conduct every business activity and accomplish mission as well as strategic visions of the companies. The invaluable personnel are required to be provided fair treatment, dignity, integrity as well as with ethical behaviour. The mission statements and the corporate values are important for accomplishing objectives or goals of companies in an efficient manner. The main purpose of mission statements as well as company values is to communicate the goals or objectives as well as core values of activities which are to be performed.

Mission statements as well as corporate values assist in improving performance of a company (The McGraw-Hill Companies, 2011). . The top management of companies is required to recognise the present position and determine the future prospect of the companies. Formulating as well as implementing appropriate corporate strategies is a significant factor for successful performance of companies. A mission statement differentiates one company from the other identical companies with respect to the purpose as well as scope of conducting business activities (University of Houston-Victoria, n.d.).

Mission statement of a company depicts about the purposes as well as needs along with well-being of people that a company serves. It assists people as well as businesses worldwide to understand their full capabilities. Moreover, it promises shareholders for providing a satisfactory as well as a fair return to shareholders. The mission of a company is the first considering factor for devising strategies which will assist a company to perform its activities in an enhanced manner (Kusiak, 2011).

Seker stated that mission statement of a company should be prepared before the strategic planning process as the mission statement provides the functions as well as the products or services which are to be offered to the people. All companies are required to have a clear and good mission statement for detailing their purposes and mission of companies are communicated through mission statement. Moreover, the mission statement of a company brings out the significant features as well as principles which are required for formulating strategic plans.

Strategies are formulated first in accordance with the mission statement and then with specific objectives or goals which are required to be achieved for successful performance of a company (Seker, 2011). Strategies