Reference no: EM131903303

Question: The three most important components a mission statement should include are the customers, the firms' philosophy, and self-concept. Customers are important because they are keeping the firm going. It is important to come to learn what your customers are wanting and expecting from you in order to satisfy them, in return you will gain their trust and loyalty to the firm. So in order to do this, the mission statement needs to be clear and driven. Next, I feel that the firm's philosophy is important because it answers what the basic beliefs, values, aspirations, and ethical priorities that the firm has.

It lets employees know what kind of company they are working for and it lets customers know what kind of firm they are buying from. A firm's philosophy can tell you a lot about them, like whether they are honest, fair, respectful, and have integrity. It is good to know a little about the firm and what they believe in, this can be a deciding factor for a customer to want to do business with you or not. Lastly, I think self-concept is important because it lets everyone know the firm's major competitive advantage. Providing this lets customers know how you are different from your competitors and that it is a highly important part to your firm (David, 2016). References: David, F.R. & David, F.R (2016). Strategic Management: A Competitive Advantage Approach, Concepts and Cases (16th Edition). Pearson Education, Inc.