Bank of America Mission Statement and the Purpose of Mission Statements
Bank of America mission statement: Our mission is to offer lending and investment products that
• Serve low- and moderate-income individuals and families
• Improve underserved low- and moderate-income communities
• Create sustainable practices for the long haul
What is a mission statement?
A mission statement is an official, written declaration that defines the fundamental function of a business, its values and goals. Mission statements are designed to be used as a guide to develop company strategies. See the Bank of America mission statement above for an example.
The purpose of a mission statement
The purpose of a mission statement is to define the company's objectives, list key stakeholders and the company's responsibilities to these stakeholders as well as core products or services. Every organization should create a mission statement to advertize to the world the benefits of doing business with it.
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To write a company mission statement you should describe what your business does, why It does this, how it operates and include principle values. In essence, you need to encapsulate the passion behind your business.
Personal mission statements help employees define their personal values and goals to map a career path and outline steps for success.
Team mission statements are used to motivate and guide employees. Companies should include staff input when developing a team mission statement. This is an important tool in identifying primary functions and encourages strategic thinking and employee commitment to the overall success of the company. To write a mission statement you could create a work group tasked to should choose a significant theme and focus on the main attributes of a product or service. The focal points should include statements of purpose, strategy, values and standards.
For ideas go online to view sample mission statements and tips on how to create a mission statement. Bank of America mission statement is a good example.
Examples of mission statements
A good sample mission statement is the Nike mission statement:
‘To experience the emotion of competition, winning and crushing competitors'. This ideology has been creatively carried over to their corporate slogan ‘Just do it'.
Other examples of company mission statements are the Bank of America mission statement: ‘To be the most admired bank'.
Starbucks mission statement: ‘To inspire and nurture the human spirit— one person, one cup, and one neighborhood at a time'.
Ford mission statement: ‘Our Vision To become the world's leading consumer company for automotive products and services'
Wal Mart mission statement which is ‘to help people save money so they can live better'.
An example of a more detailed mission statement than the Bank of America mission statement is Dells mission statement: ‘Dell's mission is to be the most successful computer company in the world at delivering the best customer experience in markets we serve.' In doing so, Dell will meet customer expectations of:
- Highest quality
- Leading technology
- Competitive pricing
- Individual and company accountability
- Best-in-class service and support
- Flexible customization capability
- Superior corporate citizenship
- Financial stability'
Whatever format you chose, a good mission statement should be concise and be designed for maximum impact.