STRATEGIC MANAGEMENT 2

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.

Which of these basic questions should a vision statement answer?

• What is our business?

• What is our core strength?

• What are our challenges?

• What do we want to become?

• Who are our competitors?

Which type of statement should be created first and foremost?

• Creed

• Vision

• Obejctive

• Mission

The ideal length of a vision statement is

• one page

• several paragraphs

• one sentence

• several sentences

• as long as is necessary to convey the message.

Which basic question should the vision statement answer?

• What is our business?

• How can we improve ourselves?

• What do we want to become?

• Who are our stakeholders?

• How can we increase profitability?

Vision and mission statements can often be found in the front of annual reports.

• TRUE

• FALSE

While vision and mission statements are part of numerous internal reports, they should never be displayed in a firm's premises

• TRUE

• FALSE

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

• TRUE

• FALSE

If an organization chooses to have both a mission and a vision, the mission statement should be established first.

• TRUE

• FALSE