State the process of formulating a mission statement.

Formulation of a mission statement:

The formulation of a mission statement of any business or non-business organization can be done in the following procedure.

• Belief that the product or service can provide benefits at least equal to its price,
• Belief that the product or service can satisfy customer needs currently not met adequately,
• Belief that, the technology to be used in production will provide a product that is cost and quality effective and competitive,
• Belief that, the management philosophy of the business will result in favorable public image,
• Belief that, with hand work and the support of others, the business can do better to survive, grow and be profitable,
• Belief that, the company is unique and distinct in its character from others.

Therefore, all the formulation tactics of mission statement are shown above.