corporate (adjective, cor-po-rate, \ ˈkɔːrpərət \) purpose (noun, pur-pose, \ ˈpɜːrpəs \)
Definition: is a set of general goals of a company that can be found in its memorandum of association. This list usually defines the industry, in which the organization is going to operate and its mission. Additionally, it serves as a foundation that can help the company flesh-out its objectives and develop strategies and plans that will be used to achieve them. The corporate purpose of a firm is rarely changed as that would mean transforming its entire philosophy, values, etc.
In a Sentence:
- When we’ve started the process of creating our firm, we strived to make our corporate purpose sound as vague as possible. It will prove to be beneficial if we’ll ever decide to expand our product range.
- I’ve always found it strange that companies use abstract phrases as their corporate purpose. In my opinion, you have to be direct about what your goal is and avoid hiding behind general sentences.
Synonyms and related words: vision, values, general corporate purpose, mission statement, corporate strategy
