Corporate Mission Deals with 2 Strategic Domains
Foo K T, Director, Malaysia, Member
Borrowing the ideas from the book, The Delta Project: Discovering New Sources of Profitability in a Networked Economy (Arnoldo C. Hax & Dean L. Wilde II, Palgrave 2001), a mission statement captures two inter-woven strategic domains:
1. The business scope, which summarizes the company's competitive space (the industry) into opportunities and threats (the outcomes say, from using Porter's 5 Forces Analysis).
2. The Core Competencies, which summarize the company's own strengths and weaknesses (the outcomes, say from Porter's Value Chain Analysis), further strengthened by the Resource Based View Theory, popularized by C. K. Pralahad and Gary Hamel.
A good mission should rightly prompt an understanding of these 2 connected strategic elements, the external" and inte...