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Relationship Between Mission Statement And Scope Of Business: Evidence From Finland

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  • Juha Kettunen

Abstract

The purpose of this study is to investigate the connection of a business’ mission statement to its corporate strategy. The literature review presents the concepts of the core competence, the mission statement, focus strategy and competitive advantage. The findings of the literature review indicate that these concepts have consistent contextual linkages and can be placed in the perspectives of the balanced scorecard. The case study reveals the complexities and details that illustrate the role of the mission statement, focus strategy and competitive advantage. Empirical evidence is presented from Neste Oy which aimed for growth with new products and customers, but failed to diversify. The results of this study are useful for those who are involved in the strategy process, want to define a mission statement and succeed with diversification

Suggested Citation

  • Juha Kettunen, 2016. "Relationship Between Mission Statement And Scope Of Business: Evidence From Finland," Review of Business and Finance Studies, The Institute for Business and Finance Research, vol. 7(1), pages 69-78.
    • Handle: RePEc:ibf:rbfstu:v:7:y:2016:i:1:p:69-78
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    References listed on IDEAS

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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Strategic Management; Core Competence; Mission Statement; Diversification; Competitive Advantage;
    All these keywords.

    JEL classification:

    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
    • N7 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services

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