When should a company redefine its mission?

Question

Quizplus · Accepted Answer

A company should redefine its mission when it is forced by competitive pressures to alter its products or market. This may be due to changes in the industry, evolving consumer preferences or the emergence of new technology. In order to remain competitive and relevant, a company must be flexible and adapt to these changes by redefining its mission, vision, and values. Defining a clear mission statement can help focus the company's activities and ensure that all employees are working towards a common goal. The other options (A, B, and D) do not necessarily warrant a need for redefining a company's mission.

When Should a Company Redefine Its Mission