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Exam 2: The Business Vision and Mission

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Question 21

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Which of these basic questions should a vision statement answer?

A) What is our business?
B) Who are our employees?
C) Why do we exist?
D) What do we want to become?
E) Who are our competitors?

F) C) and D)
G) B) and E)

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Question 22

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According to Peter Drucker, asking the question "What is our business?" is synonymous with asking the question "What is our vision?"

A) True
B) False

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Question 23

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In multidivisional organizations, each division should develop a mission statement independent of the parent company.

According to Campbell and Yeung, the process of developing a mission statement should create an "emotional bond" and "sense of mission" between the organization and its employees.

A mission statement is a declaration of an organization's financial status.

What is the first step in the comprehensive strategic-management model?

Effective mission statements can vary in

As indicated in the strategic-management model, a clear _______ is needed before alternate strategies can be formulated and implemented.

Although it is important for companies to have a clearly defined mission statement, research has shown that less than 50% of all companies have used a mission statement in the previous five years.

A study by Rarick and Vitton found that firms with a formalized mission statement have the average return on shareholders' equity compared to those firms without a formalized mission statement.

What is the best time to develop a mission statement?

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

According to the comprehensive strategic-management model, which step needs to be completed immediately following the establishment of long-term objectives?

The foundation for development of a comprehensive mission statement is provided by a clear vision.

Which component of a mission statement addresses the firm's distinctive competence or major competitive advantage?

When a company has been successful and/or unsuccessful, the question "What is our business?" should be asked.

King and Cleland recommend organizations carefully develop a written mission statement for six reasons. List and describe five of these reasons.

Which country has the lowest percentage of foreign workers to the total population?

A good mission statement effectively reflects the anticipations of customers and reveals the utility that various products or services offer customers. Give three examples of this.

A mission statement, sometimes called a creed statement, can be defined as an "enduring statement of purpose that distinguishes one organization from other similar enterprises."