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Question 1
Question
Which statement is true?
Answer
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Companies must choose between having a mission statement or a vision statement.
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a company can't have a mission statement unless it has a vision statement.
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a vision statement cannot be established until a company has developed its mission statement.
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the vision statement should be established before the mission statement.
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companies are required by law to have both mission and vision statements.
Question 2
Question
Which of these basic questions should a vision statement answer?
Answer
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What is our business?
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What is our core strength?
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What are our challenges?
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What do we want to become?
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Who are our competitors?
Question 3
Question
The purpose of a mission statement is to declare all of these EXCEPT
Answer
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a reason for being
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an annual financial plan
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a statement of purpose
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a statement of beliefs
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whom an organization wants to serve
Question 4
Question
The process of developing a vision and a mission statement often includes which of these as the first activity?
Answer
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Requesting that managers modify the current documents.
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Asking managers to read selected articles about vision and mission statements.
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Asking managers to prepare a vision statement for the organization.
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A brainstorming session on whether the organization should have only a vision statement.
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Merging several mission statements into one document.
Question 5
Question
A good mission statement has
Answer
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an employee orientation
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a customer orientation
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a shareholder orientation
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an environmental orientation
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a profit orientation
Question 6
Question
Good mission statements identify the _______ of a firm's products to its customers.
Answer
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value
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price
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profit margin
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demand
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popularity
Question 7
Question
Which of the following is NOT one of the nine recommended components of a mission statement?
Answer
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Strategies
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Self-concept
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Employees
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Markets
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Customers
Question 8
Question
The recommended length of an effective mission statement is __________ words.
Answer
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approximately 25
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no more than 100
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less than 150
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at least 300
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more than 500
Question 9
Question
Which question(s) is (are) answered in an effective mission statement?
Answer
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Is the firm committed to growth and financial soundness?
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Are employees a valuable asset of the firm?
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Geographically, where does the firm compete?
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Who are the firm's customers?
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All of the above questions are answered in an effective mission statement.
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