Scholarly Article on Mission Statements

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Answering the following questions

1. What is the "new" direction for mission statements discussed in this article?
2. Why do the authors argue that this approach is important?
3. “Customers” is a key component to include in a mission statement (Pearce & David, 1987; Powers, 2012), but simply including the word “customer” or “consumer,” as recorded in prior research, should not qualify that component to be considered as “written from a customer perspective.” The authors contend the statement needs to identify more precisely the target groups of customers. Focus on the “product/service” component. A mission statement should reveal the “intrinsic value” or “utility” that the firm’s products/services provide to customers, and do so in a thoughtful manner. How does the Charter Fishing Company in Table 1 achieve this requirement?
4. Another important mission statement component among the nine examined in previous research is “self concept,” or “distinctive competence,” whereby the firm reveals the major competitive advantage that its
   products/services provide to customers (Pearce & David, 1987; Powers, 2012). For the hypothetical charter company, “self-concept” in Table 1 is written from a customer perspective, what do the authors suggest to achieve this requirement?
5. Critique the following mission statement, by 1st identifying which components are included and, 2nd which components are missing:

PepsiCo - We aspire to make PepsiCo the world’s premier consumer products company,
focused on convenient foods and beverages. We seek to produce healthy financial rewards
for investors as we provide opportunities for growth and enrichment to our employees,
our business partners and the communities in which we operate. And in everything we do, we
strive to act with honesty, openness, fairness, and integrity.

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