Abstract
Management scholars and researchers have long considered mission statements to be a critical component in the strategic management of successful firms. Although mission statements may be important in providing a strategic focus to diversification strategies, very little has been written regarding the creation of mission statements for diversified firms. This paper examines the issue through a review of the mission statements of 141 Fortune 500 firms. The likelihood of firms at different levels of diversification to include the nine mission statement components outlined in the strategic management literature is examined. Sample excerpts from actual missions for firms at differing levels of diversification are provided. By comparing and contrasting the mission statements of firms following single-product, dominant product, related diversification or unrelated diversification strategies, guidelines are developed for the creation of effective mission statements for diversified firms.
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