Products and technologies eventually become​ outdated, but basic market needs can last forever

What should a company's mission statement be based on?

A company's mission statement should always be market oriented. As the demands for various goods and services change, so too does the market.

Answer:

A company's mission statement should be based on the market needs. It should be flexible and adaptable to the changing demands of the market.

Having a market-oriented mission statement is essential for companies to stay competitive and relevant in the ever-changing business landscape. By focusing on the basic market needs that can last forever, companies can ensure that their mission remains relevant regardless of technological advancements or product obsolescence.

Market-oriented mission statements help companies align their goals with the needs and preferences of their target customers. This approach allows companies to develop products and services that meet the evolving demands of the market, ensuring their long-term success.

Furthermore, a market-oriented mission statement enables companies to remain agile and responsive to market changes. By staying abreast of market trends and consumer behavior, companies can adjust their strategies and offerings to stay ahead of the competition.

In conclusion, a company's mission statement should be rooted in the basic market needs that stand the test of time. By making market orientation a priority, companies can position themselves for sustained growth and success in today's dynamic business environment.