BUSI 490 - Chapter 2: The Business Vision and Mission fully solved

BUSI 490 - Chapter 2: The Business Vision and MissionConcern for employees (p. 49) - correct answer A component of the mission statement; are employees a valuable asset to the firm? Concern for public image (p. 49) - correct answer A component of the mission statement; is the firm responsive to social, community, and environmental concerns? Concern for survival, growth, and profitability (p. 49) - correct answer A component of the mission statement; does the firm strive to survive, grow, and (if for-profit) be profitable? Creed statement (p. 43) - correct answer Another name for mission statement; a declaration of an organization's "reason for being." It answers the pivotal question, "What is our business?" Customers (p. 49) - correct answer A component of the mission statement; individuals who purchase a firm's products/services. Markets (p. 49) - correct answer A component of the mission statement; geographic locations where a firm competes. Mission statement (p. 43) - correct answer A declaration of an organization's "reason for being." It answers the pivotal question, "What is our business?" Is essential for effectively establishing objectives and formulating strategies; consists of nine components. Mission statement components (p. 49) - correct answer 1) customers 2) products and services 3) markets 4) technology 5) concern for survival, growth, and profitability