The Selecao conclude their tournament one day earlier than expected after a 7-1 demolition by Germany on Tuesday denied the host nation a place in Sunday's final.
Although Scolari admits that battling for third place is a "much smaller dream", the 65-year-old says that it is important for his troops to salvage something in Brasilia tomorrow night.
"I know my career will be marked by this defeat," he told reporters.
"But we have an obligation to move on and think about the next goal, which in this case is the match for third place on Saturday in Brasilia.
"I know it's a much smaller dream that we all wanted, but we have to honour the shirt of the national team."
Saturday's clash kicks off at 9pm.