The corporate mission defines what the business is and what it does and provides important guidelines for managing and improving the corporation. The founder initially has a vision about the firm's mission, and management may alter the mission over time. Strategic choices about where the firm is going in the future—choices that take into account company capabilities, resources, opportunities, and problems—establish the mission of the enterprise. 'Early in the strategy-development’ process management defines the mission of the corporation. The mission is reviewed and updated as shifts in the strategic direction of the enterprise occur over time. The mission statement sets several important guidelines for business operations.

1. The reason for the company's existence and its responsibilities to stockholders,' employees, society, and other stakeholders.

2. The firm's customers and the needs (benefits) that are to be met by the firm's products or services (areas of product and market involvement).

3. The extent of specialization within each product-market area and the geographical scope of operations.

4. The amount and types of product-market diversification desired by management^

5. The stage in the distribution system (level t>f participation in the sequence of stages in the value-added system from raw materials to the end-user).

6. Management's performance expectations for the company.

7. Other general guidelines for overall business strategy, such as technologies to be /used and the role of research and development in the corporation