A mission statement is a short statement of why an organization exists, what its overall goal is, identifying the goal of its operations: what kind of product or service it provides, its primary customers or market, and its geographical region of operation. It may include a short statement of such fundamental matters as the organization's values or philosophies, a business's main competitive advantages, or a desired future state—the "vision".A mission is not simply a description of an organization by an external party, but an expression, made by its leaders, of their desires and intent for the organization. The purpose of a mission statement is to communicate the organisation's purpose and direction to its employees, customers, vendors, and other stakeholders. A mission statement also creates a sense of identity for its employees. Organizations normally do not change their mission statements over time, since they define their continuous, ongoing purpose and focus.According to Chris Bart, professor of strategy and governance at McMaster University, a commercial mission statement consists of three essential components:
Key market: the target audience
Contribution: the product or service
Distinction: what makes the product unique or why the audience should buy it over anotherBart estimates that in practice, only about ten percent of mission statements say something meaningful. For this reason, they are widely regarded with contempt.