Analyze the Effectiveness of Organizational Mission Statements
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Corporate Mission Statement and Business
Performance: Through the Prism of Macedonian
Companies
Tamara JOVANOV MARJANOVA
e-mail: [email protected]
Elenica SOFIJANOVA
e-mail: [email protected]
Abstract
This paper analyses the corporate mission statement
as an essential step in the strategic planning process, based
on its impact on companies’ business performance, i.e.
market share. We underline the significance of early
employment of mission statement, because it is a
techniquethrough which the strategic intention of a company
is defined and sustained. The study addresses two main
research aspects: 1. the key components and terms by which
a company can create a mission statement, and 2. the
connection between detailed, highly comprehensive mission
statement and market share. The methodology includes
quantitative and qualitative research that explored the way
in which 38% of the registered companies in the
confectionery industry in Macedonia create their mission
statements. Primary data was derived from questionnaires
and semi-structured interviews and secondary data - from
books, journals and academic articles. Data was analyzed
with IBM Statistical Package for Social Sciences (SPSS) 19.
Results suggest that highly comprehensive mission statement
has significant correlation and directly influences
companies’ market share, i.e. performance. The analysis has
also shown that a model of key components and terms of a
mission statement can be used as a guide in the process of
mission statement creation. The limitations of the paper
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arise from sample’s size and the (one) chosen industry, but
the findings are useful to entrepreneurs and managers, since
they provide a more accurate perspective of the significance
of mission statement and the way that it affects business.
Key words: Mission statement, business performance,
market share, key components and terms.
1. Introduction
At the beginning of the business operation, top management must
define the culture and strategic intent as key aspects in the operation of an
enterprise. The aspirations of the company should have a strategic intent,
expressed through statements about vision, mission and organizational
goals. The mission of the company is often presented in the form of so-
called mission statement, which projects a certain image of the
underlying intent of the existence of the company. The mission is broad
description of the intention of the company and the type of activities it
plans to undertake (Campbell, 1997). In fact, the mission statement
defines the business that the company is in, its goals and approach to
achieving those goals (Rigby, 2011).
The motivation for development of a mission statement may arise
from the objectives that are expected to be accomplished with it
(Campbell and Yeung, 1991): motivation of employees to achieve higher
performance, direction and consistency in the allocation of resources, a
balance between the conflicting interests of different groups of
stakeholders. The mission statement can also contribute with its impact
outside the enterprise (Rigby, 2011): closer ties and better
communication with customers and suppliers, public relations, external
support.
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Comprehensive mission statement can contribute significantly to
high performance, hence, it provides numerous benefits that usually
translate into high performance, such as: 1. explanation of the purpose of
the organization, 2. identification of standards for allocation of resources,
3. focus and specification of organizational purposes into objectives and
goals, 4. identification of core strategic competence and market position,
5. setting priorities, values and business philosophy, etc. However,
regardless of the rationality of the process, it is proposed that the basic
purpose and motivation for the development of the mission statement
should be to enhance the performance of the company (Bart and Tabone,
1998).
1.1. Key Components and Terms of a Mission Statement
Typically, the mission statement is prepared by the owner and/or
the senior management of the company. Thus, it is important to know that
besides the elements that are positively correlated with the performance
of the company (adopted values, social responsibility), there are elements
that are found to be negatively correlated with performance, such as the
presence of financial statement purposes (Bart and Baetz, 1998). For that
reason, the process of development of a mission statement should be
approached with high attention and managers should be very careful
about the certain components they incorporate into the statement. The
way to identify the basic components and terms that should be included
in a mission statement is to create a model consisted of the key
components given by Campbell (1996) and the associated terms provided
by Stevens (1994) that are positively connected to business performance
(Table 3).
Table1.Мissionstatementmodel ofkeycomponentsand terms
Components of the mission
statement by the Ashridge
Mission Model (Campbell,
Key terms in the mission statement
(Stevens, 1994)
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1996)
Intention
• Why is there a company?
• What is the basic reason for
existence?
• For whose benefit does the
company exists?
Consumers/clients/customers
Investors/shareholders/owners
Community/society
Employees/colleagues
Management
Suppliers
Strategy
• How will the company pursue its
strategic goals?
• The competitive position and key
competencies?
• Identification of the commercial
logic for the business.
Fiscal conservatism
Market share
Financial measures (sales, profit, return)
Domination and competition
Long perspective
Global perspective
Research and development (R&D)
Technology
Values
• What does the company believe
in?
• Setting priorities and core beliefs,
aspirations, philosophy.
• Determining of the moral logic of
business.
Awareness of cost (sense of the value of
the product/service versus price)
Social/civic responsibility
Commitment/dedication
Welfare of employees/quality of life
Learning/training/development
Standards of conduct
• How does the company act in the
community?
• Policies and pattern of behavior
that support core competencies and
value system
Ethics/morality/honesty/fair treatment
Professionalism
Aggression/focus on improving
Adaptation/reaction
Innovation/creation
Authorization (transfer of responsibility)
According to this model, the management of the mission
statement is a continuous process that requires constant review and
change. With its use, the present deficiencies in the existing mission can
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be perceived, and/or these can be avoided in the formulation of the new
mission statement (Campbell, 1996). For example:
Are the values of the management/owner compatible with the values of employees (The observed differences can contribute to
further development of corporate culture. Such differences may
easily be perceived through interviews, group discussions and/or
questionnaires, after which the management must face the need
to change the mission statement or change and recruit employees
with values compatible with the values defined in the existing
mission statement);
Are the values in the mission in conflict with the values of the management and/or employees;
Are the strategy and the values mutually supporting and reinforcing or conflicting, which can be observed through the
adopted standards of conduct (If clear standards of conduct can
be identified in the mission statement, this indicates that there is a
close link between strategy and values).
This model can be used as an analytical framework by which
managers can shape, modify or improve the mission statement of the
company.
2. Literature Review and Hypotheses
Thevisionandmissionareconsideredto be ofgreat importanceforthe
efficientandeffectiveoperationof the enterprise. Manyresearch papers
identify the mission statement as a toolforstrategicplanningand
startingpointin building enterprise’s identity. It is also associated with
business performance and survival (LeuthesserandKohli,1997).
According toMedley (1992) andWilson (1992), the existence ofa
detailedmission statementcanlead to a50% increase in the
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effectivenessofthe company. Research shows that companieswith a
detailed, highlycomprehensivemissionstatement have an averagereturnon
investmentof26.2%,
whilecompanieswithlowcomprehensivemissionstatementhave an
averagereturnof13.7% (Rarick and Vitton,1995).
Since 1993 until 2010, mission statement is highly popular
marketing – management tool, used by a large number of managers,
irrespective of the geography and the type of economic system in which
the company operates (Rigby and Bilodeau, 2011). Most of the managers
also show high satisfaction levels from the effects of mission statements
on the business performance (Bain and Company, 2013).
Based on the literature review, it can be
assumedthatcompaniesinvolvedin
theprocessofformalstrategicplanningandcreation ofa comprehensive
missionstatementare more likelyto achieve good financialand
businessperformance. In this paper, the mission statement is defined as
highly comprehensive when it includes all of the proposed components of
mission statement given by Campbell (1996): key intent, strategy, values
and standards of behavior. In the absence of even one of the components,
it is considered to be lowcomprehensive statement.
With regard of the numerous examples that affirm the importance
of mission statement, this paper proves that the formal strategic planning
process which includes a creation of a comprehensive mission statement
is positively related to and largely determines the success of a business
performance, i.e. market share, regardless of the size of companies. In
addition, the analysis is aimed at challenging and rejecting the established
hypothesis that "Market share of companies doesn’t depend on the
detailed, highly comprehensive mission statement", given that the first
step of formal strategic planning is the preparation of a written mission
statement.
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3. Research Methodology
The purpose of this paper was to explore and present the
importance of mission statement for the competiveness of companies,
through theanalysis of the relationship of highly comprehensive mission
statementandmarket share (in a given period of time). The methodology
included both quantitative and qualitative methods, based on the goal to
obtain complete picture of the degree to which companies in a transitional
economy include mission statements in the strategic planning process.
Primary data derived from structured questionnaires about
attitudes on market orientation statements measured on a nominal and
interval scale, and a follow-up, semi-structured interview(January –
February 2012) with the managers of 38% (19) of the registered
companies in the confectionery industry in Macedonia. Secondary data
derived from books, journals and academic articles. Data was analyzed
with IBM SPSS19. The conclusions are given on the base of descriptive
and deductive statistics.
Market share as a business performance indicator was measured
on a 5-degree subjective scale from 1-5, where 1 is - low, 5 - high. The
subjective scale is taken as a measure due to: 1. Managers’ avoidance to
provide accurate data that reflect their business performance; and 2. High
level of convergence between subjective and objective scales for
measuring business performance, including this particular scale (Dawes,
1999).
The focus of the analysis is the confectionery industry in
Republic of Macedonia for several reasons (Economic Chamber of
Macedonia, 2013): it is an important part of the food industry with
positive impact on the external trading balance of the country, because
the value of exports of finished confectionery products is almost 10 % of
the value of total exports of food products; it employs a significant part of
the workforce in the state, and is a major consumer of the domestic
packaging industry and transportation services. Furthermore, it is a part
of the consumer goods market where the activities of enterprises should
be characterized by a proactive approach to strategic planning and
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marketing – management activities. Regardless of these facts, the current
market situation shows that Macedonian enterprises show a number of
weaknesses in the strategic planning process (Jovanov, 2009).
Based on the literature review about the impact of mission
statement on business performance, i.e. profitability, it is of great
importance to provide sufficient knowledge on two key aspects: 1. the
connection between detailed, highly comprehensive mission statement
and business performance, and 2. the key components and terms that can
help in the process of mission statement creation (through the analysis of
current practices of Macedonian companies).
3.1. Data Analysis and interpretation
Descriptive analysis provides a representation of companies
according to their size and market share.Descriptive statistics shows that
the statistical sample consist of nearly equal representation of small
(31.6%), medium (36.8%) and large (31.6%) companies (table 2). The
inclusion of companies of different sizes in the sample is influenced by
the fact that strategic planning should not be conditioned primarily by the
size of the company, but the industry and the environment in which it
works. Size is defined primarily by number of employees (1-9 micro, 10-
49 –small, 50-250 medium, above 250 - large) according to the definition
provided by the Macedonian Company Law (2004), article 470.
Table 2. Descriptive statistics of enterprises by size
Size Frequency Percentage Cumulative percentage
Valid micro 2 10.5 10.5
small 4 21.1 31.6
medium 7 36.8 68.4
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large 6 31.6 100.0
Total 19 100.0
The research has revealed that 47.4% (cumulative) of the
surveyed companies’ market share is very low to low, and only 5.3% of
the companies have reported very high market share (table 3), which
indicates that the domestic companies do not occupy most of the
domestic market, and are losing market share to foreign competitors. This
can lead to further risk on the financial situation, i.e. profitability, since it
is proven that higher market share leads to higher profitability.
Table 3. Descriptive statistics of companies’market share 1
Market share Percent CumulativePercent
Valid 1 21.1 21.1
2 26.3 47.4
3 15.8 63.2
4 31.6 94.7
5 5.3 100.0
Total 100.0
Moreover, companies have on average low size of market share
(2.7), with small companies reporting on average lower size of market
share (1.5) than medium – sized and large companies. In fact, when
1Market share is measured on a subjective scale of 5degrees (1-5) where: very
low - 1, low – 2, neither l own orhigh – 3, high – 4, very high – 5.
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analyzed by size (table 4), it can be seen that all of the small companies
(31.6% of total) stated that their market share is very low or low (by
15.8%), market share in medium sized companies varies from very low
(5.3%) to high (15.8%), while large companies reported mostly high
market share (15.8%).
Table 4. Cross – tabulation of companies by size and market share
Market share
Total 1 2 3 4 5
Companies
by size
Small Count 3 3 0 0 0 6
% of Total 15.8% 15.8% .0% .0% .0% 31.6%
Medium Count 1 2 1 3 0 7
% of Total 5.3% 10.5% 5.3% 15.8% .0% 36.8%
Large Count 0 0 2 3 1 6
% of Total .0% .0% 10.5% 15.8% 5.3% 31.6%
Total Count 4 5 3 6 1 19
% of Total 21.1% 26.3% 15.8% 31.6% 5.3% 100.0%
Regarding the level of comprehensiveness of the mission
statement, the analysis shows that the majority of companies (57.9 %)
have created low comprehensive or poorly defined mission statement,
while a smaller part (42.1 %) have created a highly comprehensive
mission statement (table 5). To be exact, all of the analyzed small
companies said that their mission statement is low comprehensive
(includes less than the key four components), more than the half (5 of 7
or 71.4%) of the medium – sized companies also create low
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comprehensive mission statement, while all of the large companies
reported that their mission statement is highly comprehensive (includes
all of the key four components).
Table 5. Cross – tabulation of companies by size and level of
comprehensiveness of the mission statement
Cross – tabulation
Mission statement
Total
Low
comprehensive
Highly
comprehensive
Companies
by size
Small Count 6 0 6
% of Total 31.6% .0% 31.6%
Medium Count 5 2 7
% of Total 26.3% 10.5% 36.8%
Large Count 0 6 6
% of Total .0% 31.6% 31.6%
Total Count 11 8 19
% of Total 57.9% 42.1% 100.0%
The analysis reveals existing differences between the processes
of mission statement formulation in large, medium – sized and small
companies. In specific, it is evident that large companies have more
formal and detailed approach in contrary to small companies, while
medium – sized companies demonstrate similarities both to large and
small companies, with larger market share than small companies, but
lower level of comprehensiveness in mission statements than large
companies. This calls for further examination in order to explore the key
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190 Balkan Social Science Review, Vol. 3, June 2014, 179-199
factors that contribute to the variances in the processes in companies with
different sizes.
3.2. Testing of Hypotheses
The deductive analysis is based on the assumption of a linear
dependence of phenomena, according to which it is assumed that the
market share of the companyis a linear function of the highly
comprehensive mission statement. Primary zero hypothesis of the
existence of non linear dependence between the events (H0: p=0) is set in
order to berefuted, and to prove the opposite, i.e. the correlation is not
zero (H1: p≠0). Several measurements were performed using correlation
and linearre gression analysis, in order to examine the isolated impact of
comprehensive mission statement on market share.
The reliability of internal consistence of the scale is confirmed by
the high level of the coefficient Cronbach Alpha α = 0.870 for the
variables that define the level of mission statement comprehensiveness
(Tab.6). This enables researches to repeat the testing in future studies
(Geoge & Mallery, 2003; Giliem & Giliem, 2003).
Table 6. Testing the scale reliability
Reliability/Variables in the
questionnaire explaining the
marketing planning process
Reliability/Variables in the
questionnaire explaining the level of
mission statement comprehensiveness
Cronbach's
Alpha
N of
variables
Cronbach'sA
lpha N of Items
.902 52 .870 2
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Prior regression analysis, it was important that some of the
underling conditions for linear regression are met: 1. linear relationship
between the dependent variable and the independent one (confirmed by
significant correlation association of phenomena and F-test), 2.there is no
multicollinearity between independent variables (VIF ˂ 5).
Furthermore, Pearson correlation analysis shows that at the 0.01
level and Sig. 0.00 (1-tailed), there is significant direct correlation (0.777)
between highly comprehensive mission statement (analyzed by the use of
the value of mean) and market share (table 7).
Table 7. Correlation analysis between highly comprehensive mission
statement and market share
Correlation analysis Mission statement
Market share PearsonCorrelation .777**
Sig. (1-tailed) .000
N 19
**. Correlationissignificantat the 0.01 level (1-tailed).
*. Correlationissignificantat the 0.05 level (1-tailed).
Following the proven connection of the phenomena, the
dependence between market share (dependent variable) and highly
comprehensive mission statement (independent variable) was also tested.
Thereby, with a unilateral test, the simple linear regression analysis with
Significance level of p (Sig. ) = α=0.000; coefficient of determination R2
= 0.603; t- test statistics t = 5.082; degrees of freedom df = 17 (df = n-2);
critical value of the test tdf:α = 2.567 or 2.898, confirms the linear
dependence of market share of highly comprehensive mission
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statement(table 8), according to the decision-making rule: t ˃ tdf:α (New
bol detal, 2007).
Table 8.Dependence between highly comprehensive (broadly defined)
mission statement and market share
ModelSummary
Mod
el R R Square
Adjuste
d R
Square
Std.
Error of
the
Estimate
Change Statistics
R
Square
Chang
e
F
Change df1 df2
Sig. F
Change
1 .777a .603 .580 .833 .603 25.823 1 17 .000
a. Predictors: (Constant), Highly comprehensive mission statement
Coefficientsa
Model
Unstandardized
Coefficients
Standardize
dCoefficien
ts
t Sig.
95.0%
ConfidenceIntervalfor
B
B
Std.
Error Beta
Lower
Bound UpperBound
1 (Constant) -.057 .582 -.098 .923 -1.285 1.171
Highly
comprehen
sive
mission
statement
1.966 .387 .777 5.082 .000 1.150 2.782
a. DependentVariable: Market share
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* Forp(Sig.)=α=0.01 the critical value of the F-test is F1; 17=8.40
* For p(Sig.)=α=0.005 the critical value of the t-test is F1; 17=4.45
Additionally, using the F-test with a value of F = 25.823; degrees
of freedom df1 = 1 and df2 = 17 and the critical value of the test F1;17 =
8.40 or 4.45, H0 is rejected by the rule-making: F˃F1;17and the alternative
hypothesis is accepted (companies market share depends on highly
comprehensive mission statement), i.e. the relation between the
phenomena is statistically significant (Newbold et al, 2007).
Testing shows that in the case of the confectionery industry,
which produces consumer goods, highly comprehensive mission
statement in its formal, written shape, directly affects the increase in
market share of companies.
The positive relation of the level of mission statement’s
comprehensiveness and market share expresses the importance of the
higher level of mission statement’s comprehensiveness for better
performance and competitiveness of companies, hence higher market
share also implies higher profits, with the possibility to reinvest for
further growth and development.
4. Conclusion
Results suggest that highly comprehensive mission statement has
significant correlation with market share, i.e. business performance.
Additionally, the linear regression analysis indicates that broadly defined
mission statement directly influences companies’ market share. The
analysis has also shown that companies can identify and use a model that
includes the key components and terms of a mission statement, in order to
be able to create highly comprehensive mission statement. Furthermore, it
can be stated that companies that operate on transition economies market,
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194 Balkan Social Science Review, Vol. 3, June 2014, 179-199
such as Macedonia, do not attend this question with high importance, and
have mostly low defined mission statements, with one to two components
that explain the business, which can lead to other risks in the strategic
planning process, such as under defined business objectives and goals,
weak corporate image, etc.
This paper provides a proof that the process of mission statement
construction enables the management to: analyze the
existingmissionstatement, the need of probable revision, as well as to
constructa newmissionstatement, if necessary. It is found that the
identifiedcomponents, terms, causes and guidelinesfor creation and
implementation of mission statementin the processofstrategicplanning,are
useful for the business, i.e. are related to achievement ofbetter business
performance.
4.1. Implications for Theory and Practice
This paper, by proving the dependence of business performance
on the highly comprehensive mission statement, contributes to the theory
which states that, in order to be effective and reach positive business
results, the process of formal strategic planning should start with a
corporate mission statement.
Additionally, the synthesis of the theory which suggests that the
creation of highly comprehensive mission statement delivers a focus to
the strategic planning process by providing insight into whether it covers
all the key components and terms by which a company can explain the
purpose of the organization, focus on organizational objectives and goals,
etc. is especially important to reduce the resistance of companies to the
formal process of strategic planning.
In general, the findings are useful to entrepreneurs and managers,
since they provide a more accurate perspective of the significance of
mission statement and the way that it affects business.
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Balkan Social Science Review, Vol. 3, June 2014, 179-199 195
4.2. Limitations and Areas for Future Research
The limitation in the analysis arises from the use of a subjective
scale to measure market share in a particular moment of time, which
prevents monitoring the connectivity and reliability over a longer period
of time. This would be possible by using an objective scale or absolute/
relative data on business performance over a certain period. It is also
recommended to repeat the test on a larger sample of different industrial
activities, in order to perform general conclusions at the national level,
not only at the level of a specific industry.
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