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?
The purpose of a mission statement is to declare all of these EXCEPT
a reason for being
an annual financial plan
a statement of purpose
a statement of beliefs
whom an organization wants to serve
The process of developing a vision and a 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.
A good mission statement has
an employee orientation
a customer orientation
a shareholder orientation
an environmental orientation
a profit orientation
Good mission statements identify the _______ of a firm's products to its customers.
value
price
profit margin
demand
popularity
Which of the following is NOT one of the nine recommended components of a mission statement?
Strategies
Self-concept
Employees
Markets
Customers
The recommended length of an effective mission statement is __________ words.
approximately 25
no more than 100
less than 150
at least 300
more than 500
Which question(s) is (are) answered in an effective mission statement?
Is the firm committed to growth and financial soundness?
Are employees a valuable asset of the firm?
Geographically, where does the firm compete?
Who are the firm's customers?
All of the above questions are answered in an effective mission statement.
