MBA 706 Exam Study Guide 2- Dr. Saleh: Questions
With Right Solutions
What is the definition of a mission? Correct Answer - Unique purpose
that distinguishes the organization from other companies and defines the
boundaries of its operations
What does a mission do? Correct Answer - Proclamation of
organizations primary objective that encapsulates its core values
What should a mission do? Correct Answer - Characterize the
organization's principles and priorities and define the broad product, market,
and technologies that are core to the business.
A Mission should define the boundaries of business' ambitions: Correct
Answer - Product Scope
Market Scope
Geographical Scope
T/F A mission may also encompass the organizations strategic intent or
vision? Correct Answer - TRUE
Can a mission act as a guide and lead to the development of hierarchy of
objectives? Correct Answer - Yes
What should a mission accurately describe? Correct Answer - The:
Business,
The: Market it serves
The: organizations capabilities
What can influence an organizations mission? Correct Answer - 1.
Corporate governance: who SHOULD we serve /accountability
2. Stakeholders - who DO we serve/ balance of power
3. Business Ethics - social responsibility / expectations
4. Cultural Context - Aspects of mission are priority / influence of cultural
environment
, What is a broad mission statement? Correct Answer - - Fairly Common,
generally refers to all stakeholders in the business
EX) Scottish Power "highly rated utility-based company in related markets..
provide excellent quality.. service to customers.. returns to investors"
What are some pros & cons of a broad mission statement? Correct Answer -
Pros- addresses the problem of too narrow of a focus
Cons- Can fail to clearly define core market & product areas
What is a narrow focus mission statement? Correct Answer - Example:
Newport News Shipbuilding "we build good ships"
What are some pros & cons of a narrow focus mission statement? Correct
Answer - Pros: Very clear description of the organizations primary
business
Cons: May set unnecessary constraints on the company's activities
What are characteristics of a successful mission statement? Correct Answer
- 1. Credibility
2. Uniqueness
3. Specific capabilities
4. Aspirational
**Also need to define the scope: Product, market, geographical*
What are SMART goals? *Can be both short & long term Correct Answer -
Specific
Measurable
Aspirational / Achievable
Realistic
Time Scales / Timely
What are characteristics of successful objectives? Correct Answer -
Acceptability
Flexibility
Comprehensibility
With Right Solutions
What is the definition of a mission? Correct Answer - Unique purpose
that distinguishes the organization from other companies and defines the
boundaries of its operations
What does a mission do? Correct Answer - Proclamation of
organizations primary objective that encapsulates its core values
What should a mission do? Correct Answer - Characterize the
organization's principles and priorities and define the broad product, market,
and technologies that are core to the business.
A Mission should define the boundaries of business' ambitions: Correct
Answer - Product Scope
Market Scope
Geographical Scope
T/F A mission may also encompass the organizations strategic intent or
vision? Correct Answer - TRUE
Can a mission act as a guide and lead to the development of hierarchy of
objectives? Correct Answer - Yes
What should a mission accurately describe? Correct Answer - The:
Business,
The: Market it serves
The: organizations capabilities
What can influence an organizations mission? Correct Answer - 1.
Corporate governance: who SHOULD we serve /accountability
2. Stakeholders - who DO we serve/ balance of power
3. Business Ethics - social responsibility / expectations
4. Cultural Context - Aspects of mission are priority / influence of cultural
environment
, What is a broad mission statement? Correct Answer - - Fairly Common,
generally refers to all stakeholders in the business
EX) Scottish Power "highly rated utility-based company in related markets..
provide excellent quality.. service to customers.. returns to investors"
What are some pros & cons of a broad mission statement? Correct Answer -
Pros- addresses the problem of too narrow of a focus
Cons- Can fail to clearly define core market & product areas
What is a narrow focus mission statement? Correct Answer - Example:
Newport News Shipbuilding "we build good ships"
What are some pros & cons of a narrow focus mission statement? Correct
Answer - Pros: Very clear description of the organizations primary
business
Cons: May set unnecessary constraints on the company's activities
What are characteristics of a successful mission statement? Correct Answer
- 1. Credibility
2. Uniqueness
3. Specific capabilities
4. Aspirational
**Also need to define the scope: Product, market, geographical*
What are SMART goals? *Can be both short & long term Correct Answer -
Specific
Measurable
Aspirational / Achievable
Realistic
Time Scales / Timely
What are characteristics of successful objectives? Correct Answer -
Acceptability
Flexibility
Comprehensibility
