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Southern University College of Business E-Journal

Abstract

The purpose of this study is to present a background that describes and explains organizational mission statements. From a design standpoint, the corporations selected, via the Internet, were listed on the 2019 Fortune 500 list. Of that list, we specifically looked at all the revenues, net profits (i.e., shown in percent), and mission statement word counts of the Fortune 50 companies—for 2019. We also looked at the mission statement word counts for all Fortune 500 companies who had a net profit, shown in percent, of equal to or greater than the top performing Fortune 10 companies—for 2019. Our findings showed that the top 10 of the Fortune 50 companies (i.e., as determined by net profit, shown in percent), have, on average, lower mission statement word counts than the rest of the Fortune 40 firms. These same 10 companies, have, on average, lower mission statement word counts than the other 39 Fortune 500 companies (i.e., who had a net profit, shown in percent, of equal to or greater than the top performing Fortune 10 companies—for 2019). We believe that the mission statement is an important tool for every organization. It should play a significant role in the operation of any business. A well-crafted mission statement can provide the focus and motivation you need to take your business to the next level. It should be easy to remember and it should inspire and motivate everyone.

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