ABSTRACT
A mission statement is a sentence or a few sentences describing a company's function(s), markets and competitive advantage. It is a short statement of business goals and philosophies. A vision statement defines the organization's purpose, but it does so in terms of the organization's values rather than the bottom line measure. A vision statement describes a firm's aspirations and 'what it really wants to be'. Long-term objectives might include opening a new store, expanding a new facility or increasing market share by 0.5". A competitor is any organization that pursues the same group of customers or tries to satisfy the same set of customer needs. Competitive advantages may arise out of relationships, reputation or innovation. Key success factors determine the financial and competitive success in the industry. Firms can win competitive advantage in an industry by concentrating on one or two key success factors.
