An organization 's mission statement (1) should contain its reasons for existence and its most general aspirations, its ideals. (2) It should identify in very general terms the way(s) by which the organization will pursue its ideals, that is, the business it wants to be in. (3) It should formulate the ways by which it will attempt to serve each of its stakeholder groups. (4) It should meet the preceding requirements in a way that is exciting and challenging to all its stakeholders. Finally, (5) it should establish the uniqueness of the organization.
Lack of specificity around stakeholder identity remains a serious obstacle to the further development of stakeholder theory and its adoption in actual practice by business managers . Nowhere is this shortcoming more evident than in stakeholder theory's treatment of the constituency known as 'community.