Unit 16-17-18 TEST Review

A company’s mission is its:

• charter

• strategy

• purpose

• vision

Beyond inspiration and clarity of purpose, another benefit of a mission statement is:

• it allows goals and objectives to be informed by and to aligned with the mission

• it allows employee reviews to occur annually

• it makes it easier to borrow money

• it includes the goals and objectives

What a company believes, its business philosophies, and how it intends to treat its employees/teammates and customers are part of the company’s:

• vision statement

• strategy

• SMART objectives

• core values

What defines a company’s purpose and informs its goals and objectives?

• SWOT analysis

• milestones

• financial statement

• mission statement

Company objectives are more meaningful when they have certain characteristics, following the S.M.A.R.T. framework, including being:

• Timed-Based and Affordable

• Specific and Aspirational

• Smart and Attainable

• Realistic and Measurable

Why are objectives important?

• owners can ensure an ROI

• managers can create a vision using objectives

• leaders can guarantee all revenue targets are achieved

• managers can determine specific performance targets for company divisions and for each employee

A goal describes or defines a ______________, whereas objectives are _____________ to help achieve a goal.

• capital, resources

• tactics, vision

• products, destination

• destination, tactics

Company objectives are more meaningful when they have certain characteristics, following the S.M.A.R.T. framework, including being:

• Specific and Aspirational

• Smart and Attainable

• Financial and Measurable

• Timed-Based and Attainable

As discovered in a SWOT analysis, new competition is often seen as a:

• opportunity

• weakness

• threat

• strength

As discovered in a SWOT analysis, how and where a company makes money relies on its:

• threats

• conditions

• obstacles

• strengths