Describe the Differences Between a Mission Statement, a Vision Statement

question 35

Essay

Describe the differences between a mission statement, a vision statement and a values statement. You have been charged with crafting an example of each of these statements for a new company that is breaking into the denim market with made-to-order jeans. The company was created to meet the need of customers who desired comfortable jeans for their body type rather than trying to fit their body in jeans made for everyone. Customers can enter their measurements on the business's website, choose their wash and type of fit. Each pair of jeans is cut and handsewn onsite with locally sourced materials and comes with a tag with each customer's name on it. Using this information, craft a possible mission statement, vision statement and values statement for this company.

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Definitions:

Fair Value

The price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Cash Consideration

The total amount of cash that is paid or received during a transaction, such as buying an asset or settling a liability.

Net Realisable Value

The estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.

Relevant Exchange Rates

Exchange rates that are applied to convert foreign currencies into the reporting currency, crucial for accurately recording transactions in financial statements.