Unit 4: The Mission, Vision, and Values Statement

Front

What is the purpose of a mission statement?

Back

To address the question, 'Why do we exist?' or the fundamental reason for an organization's existence.

Front

What does a vision statement describe?

Back

The desired future position of the company and answers the questions, 'What do we want to achieve in the future?' and 'Who do we want to become?'

Front

What are goals in a business context?

Back

Goals help companies define what they want to achieve.

Front

What are objectives in relation to goals?

Back

Objectives are the specific actions and measures for attaining these goals.

Front

How can a company express its goals?

Back

Goals are usually expressed as a percentage.

Front

What is an example of a financial goal for a company?

Back

Increase revenue by ten percent and decrease overheads by 5%.

Front

What is an example of an objective to achieve a sales goal?

Back

Acquiring five new customers every month.

Front

What is the role of a company's values?

Back

To define the firm's values and place constraints on how the organization pursues its goals.

Front

Why are values important for recruiting talented individuals?

Back

Talented individuals are often interested in working for an employer that is socially responsible and believes in integrity and business ethics.

Front

How can stakeholders access a company's mission, vision, and values?

Back

By visiting the company's website and navigating to the relevant sections.