
Unit 4: Developing Missions, Visions, and Values
Flashcard
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Business
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University
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Practice Problem
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Hard
Kholidah Basori
FREE Resource
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73 questions
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1.
FLASHCARD QUESTION
Front
What is the purpose of a mission statement?
Back
A mission statement communicates the organization’s reason for being and how it aims to serve its key stakeholders.
2.
FLASHCARD QUESTION
Front
What is a vision statement?
Back
A vision statement is a future-oriented declaration of the organization’s purpose and aspirations.
3.
FLASHCARD QUESTION
Front
How do mission and vision statements relate to organizational performance?
Back
Firms with clearly communicated, widely understood, and collectively shared mission and vision perform better than those without them.
4.
FLASHCARD QUESTION
Front
What role do values play in mission and vision statements?
Back
Values are the beliefs of an individual or group that are emotionally invested in, and they inform the content of mission and vision statements.
5.
FLASHCARD QUESTION
Front
What is the P-O-L-C framework?
Back
The P-O-L-C framework stands for Planning, Organizing, Leading, and Controlling, which are the four functions of management.
6.
FLASHCARD QUESTION
Front
How do mission and vision statements influence strategy development?
Back
Mission and vision statements create a target for strategy development, guiding the firm in achieving its goals.
7.
FLASHCARD QUESTION
Front
What is the relationship between creativity and vision?
Back
Creativity is essential for developing novel and unique vision statements that inspire stakeholders.
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