Publisher : American International Journal of Research in Humanities, Arts and Social Sciences
Campus : Kochi
School : School of Arts and Sciences
Department : Commerce and Management
Year : 2014
Abstract : The need to win over competitors in business world brings the relevance of application of certain tactics and strategies and thus came the subject, Strategic Management. All the strategists design strategies for their concern based on business vision and mission. This shows the relevance of the topic. A well designed; correctly worded mission statement explains the reason and the unique purpose of a concern’s existence. A mission statement shows “what is the business of a firm” and also gives the stakeholder’s an idea that their claims will be taken care of. In the field of cut throat competition, every business has to set strategies and for the formulation of strategies, mission statements are to be evaluated and analysed. Constant evaluation and revisions are needed for mission statements and such an evaluation is a beginning to the process of assessing its overall effectiveness. The present study done on the mission statements of 5 public sector banks and 5 private sector banks is a component based analysis and it reveals that on a whole, all of them gave prime importance to their customers and least importance to the technology which actually they are making use of to meet the challenges of a rapidly changing environment.