Vision & Mission

What is the purpose of a core values statement in strategic management?

• To specify a firm's commitment to exemplary attributes

• To answer the question 'What do we want to become?'

• To declare an organization's reason for being

• To reconcile differences among diverse stakeholders

What should a vision statement ideally be?

• Long and detailed

• Based on input from a few managers

• Revealing the type of business the firm engages in

• Broad and inspiring

What is the nature of a mission statement?

• A declaration of an organization's reason for being

• A statement of beliefs and business principles

• A statement of purpose and philosophy

• All of the above

What are the characteristics of an effective mission statement?

• Broad in scope, inspiring, and socially responsible

• Includes monetary amounts, numbers, and objectives

• Long and detailed, with specific ratios and percentages

• Narrow in scope, focusing on financial profitability

What are the components of a mission statement?

• Customers, products or services, markets, technology

• Does not concern for survival/growth/profits, philosophy, self-concept

• Concern for own image, concern for competitor employees

• All of the above

What are the benefits of having clear vision and mission statements?

• Achieve clarity of purpose among all managers and employees

• Resolve divergent views among managers

• Promote a sense of shared expectations

• All of the above

What is the purpose of a mission statement?

• To provide motivation and general direction

• To express concrete ends and specific objectives

• To rally opposition within the firm

• To prioritize key internal and external factors

What is the recommended approach for developing vision and mission statements?

• Ask managers to prepare statements individually

• Merge statements into a single document without modifications

• Distribute draft statements to all managers for feedback

• Exclude top managers from the process

What is the characteristics of a good vision statement?

• Long, with input from all managers

• Revealing the type of business the competitors engages in

• Futuristic and inspiring

• All of the above

What is the characteristics of a good mission statement?

• More than 150 words in length

• Identifies the utility of a firm's products

• Does not includes concern for survival/growth/profits

• All of the above