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Exam 2: The Business Vision and Mission

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Question 51

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According to Campbell and Yeung, an organization's vision is associated with behavior and with the present.

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Question 52

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It is unusual for the claims and concerns of a company's stakeholders to vary or conflict.

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Question 53

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All stakeholders' claims on an organization ________ pursued with equal emphasis.

According to George Steiner, vagueness has no place in a good mission statement.

Stakeholders of an organization include stockholders, customers and creditors, but not competitors.

What question is asked in conjunction with the philosophy component of a mission statement?

The mission statement answers which question?

Mission statements provide managers with a unity of direction that transcends individual, parochial and transitory needs by promoting a sense of shared expectations among all levels and generations of employees.

A mission statement should be broad in scope, since concrete specification could be the base for rallying opposition.

Excess specificity can stifle creativity in the formulation of an acceptable mission or purpose.

Business Week reports that firms using mission statements have a ________ percent higher return on certain financial measures than those without such statements.

Union Pacific's mission statement focuses on transportation rather than on railroads because good mission statements identify the utility of a firm's products to its customers.

As indicated in the strategic-management model, a clear ________ is needed before long-term objectives can be established.

The operating philosophy of organizations should be to develop a product and then try to find a market for it.

A mission statement can sometimes be called a statement of philosophy.

Individuals who own stock in a corporation are considered stakeholders.

The vision statement answers which question?

Good mission statements identify the ________ of a firm's products to its customers.

The recommended length of an effective mission statement is ________ words.

A sense of self-concept is one of the nine components a good mission statement should include.