The mission statement is becoming an integral part of firms operating plans for both public and private firms within and outside Nigeria. This study was set to bring fore effect of vision and mission statement on firms’ survival.
The study employed a descriptive survey and a research questionnaire was used for data collection; one hundred questionnaires was distributed to employees at Nestle PLC Sagamu. The data collected were thus analyzed using frequency count and t-test statistics. The findings of the study revealed that there is no significant difference in the perception of male and female workers on the effects of vision and mission statement and also there is no significant difference between the survival of firms that use vision and mission statement and those that do not use.
The study therefore recommends among others that firms should find the means of surviving the present economic hardship, which can hinder the time of implementation of the formulated strategies. The management should establish the need for vision and mission statement planning by defining the corporate goals and formulating policies which acts as a guide in decision making.