(Mission statement) You have managed Missouri’s Best Buy franchise for 15 years and employ 100 employees. Business has been profitable, but you are concerned that Best Buy’s Kansas City, Missouri, locations could soon expe¬ rience a downturn in growth. You have decided to prepare for such an event by engaging in a higher level of strategic planning, beginning with a company mission statement.

a. How does a mission statement add strength to the strategic planning process?

b. Who should be involved in developing a mission statement and why?

C. What factors should be considered in the development of a mission statement? Why are these factors important?

d. Prepare a mission statement for Best Buy and discuss how your mission statement will provide benefits to strategic planning.

LO1.