Chapter 2 The Business Vision and Mission

All of the following are mentioned as places where vision and mission statements can often be

found EXCEPT

• SEC reports.

• annual reports.

• customer service agreements.

• supplier agreements.

• business plans.

Which statement is TRUE?

• Companies must choose between having a mission statement or a vision statement.

• A company can't have a mission statement unless it has a vision statement.

• A vision statement cannot be established until a company has developed its mission

  statement

• The vision statement should be established before the mission statement.

• Companies are required by law to have both mission and vision statements.

Who is referred to as "the father of modem management"?

• Cleland

• Campbell

• Drucker

• McGinnis

• Yeung

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

• Developing Vision and mission statements

• Performing external audits

• Performing internal audits

• Measuring and evaluating performance

• Establishing long-term objectives

According to Drucker, a business' mission is the foundation for all of the following EXCEPT

• priorities.

• strategies.

• plans.

• employee wage rates.

• work assignments.

In the process of developing a mission statement, it is important to involve

• as few managers as possible.

• as many managers as possible.

• upper-level management only.

• lower-level management only.

• the board of directors only.

The process of developing a vision and mission statement often includes which of these as

the first activity?

• Requesting that managers modify the current documents

• Asking managers to read selected articles about vision and mission statements

• Asking managers to prepare a vision statement for the organization

• A brainstorming session on whether the organization should have only a vision statement

• Merging several mission statements into one document

According to Drucker, what is the best time to ask "What do we want to become?" and

"What is our business?"

• When a firm is in decline

• When the firm is successful

• When the firm is in financial trouble

• When the firm is in legal trouble

• When the firm encounters competition

Which group would be classified as stakeholders?

• Governments

• Creditors

• Suppliers

• Employees

• All of the above

A good mission statement has

• an employee orientation.

• a customer orientation.

• a shareholder orientation.

• an environmental orientation.

• a profit orientation.