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Exam 2: The Business Vision and Mission

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Question 21

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

A) Developing vision and mission statements
B) Performing external audits
C) Performing internal audits
D) Generating, evaluating, and selecting strategies
E) Measuring and evaluating performance

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Question 22

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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.

A) one quarter
B) half
C) twice
D) three times
E) five times

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Question 23

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

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

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

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

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."

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.

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

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

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.

What is the best time to develop a mission statement?

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

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

Which of these basic questions should a vision statement answer?

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

Effective mission statements can vary in

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.