Of the following, which one would not be considered a component of the mission statement
Personal mission statements are a great New Year’s resolution. Equally important, and longer-lasting, is your company’s mission statement. Show First, let’s be clear. It’s not the same as your vision statement, which is a broad view of how your company is going to leave an impact on customers and the greater community. An effective mission statement must be a clear, concise declaration about your business strategy. Don’t underestimate the importance of a mission statement. Every entrepreneur should write a mission statement early on because they provide you and your employees with the framework and purpose. If you don’t have one, you need to get one. Here are four essential questions your company’s mission statement must answer:
If you have a mission statement, make sure it can answer these questions. It makes all the difference. For example, Advance Auto Parts mission statement is: “It is the Mission of Advance Auto Parts to provide personal vehicle owners and enthusiasts with the vehicle related products and knowledge that fulfill their wants and needs at the right price. Our friendly, knowledgeable and professional staff will help inspire, educate and problem-solve for our customers.” The company has clearly laid out the answers to those essential questions. Most large companies don’t (especially big public companies). Their mission statements are vague and don’t say much. Avoid following that example. Large corporations are in a different position than entrepreneurs and have a different audience. As an entrepreneur, your company’s mission statement should be concise and specific so your customers understand your purpose and how you provide value to them. As a quick exercise, check out this list of Fortune 500 mission statements to see which ones answer the questions that we are talking about and which ones don’t. Here is an example of a mission statement from one of my companies, Bizilla: “Our mission is to help connect people who want to sell a business with people who want to buy a business. We provide business owners and brokers with flexible options for listing their business online. For buyers, we offer helpful tools such as our saved listings feature and customized email alerts to make finding the right business easier.” It’s clear and concise. The mission statement is focused on what the company does for its customers and keeps my employees focused on our objectives. Your mission statement doesn’t have to look the same as everyone else’s. Figure out what’s important to you and your clients and go from there. MGT603_ STRATEGIC MANAGEMENT QUIZ LEC_1 TO 22 SOLVED BY MAQSOOM_RAZA VUZS TEAM www.vuzs.info MGT603 Question # 1 Which statement is CORRECT about strategic-management process? Select correct option: It occurs once a year RF; handout P#1 Strategic management is a on-going process which is in existence through out the life of organization MGT603 Question # 2 Which of the following period strategic management was considered to be cure for all problems? Select correct option: Mid 1950s to mid 1960s RF; handout P#3 In 1960; s and 70 it was consider to be panacea for problems MGT603 Question # 3 The mission statement answers which of the following Question? Select correct option: What is our business? How can we improve ourselves? Past experiences RF; handout P#5 Intuition rests on:
MGT603 Question # 5 MGT603 Question # 6 RF;
MGT603 Question # 11 Corporate social policy should be designed and articulated during which phase of strategic management? MGT603 Question # 13 MGT603 Question # 14 MGT603 Question # 15 MGT603 Question # 16 A vision statement is sometimes called a big picture of your company in the future but it’s so much more than that. MGT603 Question # 18 MGT603 Question # 19
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Theyestablishorganizationalculture Theyarethebasisforallocatingresources Theytranslateobjectivesintoworkstructure MGT603 Question
Number of employees Strategic business units Divisions MGT603 Question Major weakness Minor weakness Minor strength Major strength a minor strength (rating 5 - 3),
Research&development Competitivetrends Managementinformationsystem External opportunities and external threats refer to economic, social, cultural, demographic, environmental, political, legal, governmental, technological, and competitive trends and events that could significantly benefit or harm an organization in the future. MGT603 Question Awarenessofethnicnorms Migrationofthepeopletowardsdifferentareas Introductionofnewlawsrelatingtoethnicity ref, Ethnic balance changes due to the migration of the people from different areas to different areas. This affects the ethical behavior very much.
Therearefewbuyersinthemarket Theyhavefewsupplierstochoosefrom Thereisahighconcentrationofsuppliers MGT603 Question Thepeoplewhopurchasesthesharesofthecompany Thepeoplewhohaveaspecialstakeorclaimonthecompany Arethepeoplewhoareinthemanagementacompany? Second, a mission statement needs to be broad to effectively reconcile differences among and appeal to an organization's diverse stakeholders, the individuals and groups of persons who have a special stake or claim on the company. MGT603 Question Formulation Evaluation Implementation Management Strategy implementation requires a firm to establish annual objectives, devise policies, motivating employees and allocate resources so that formulated strategies can be executed. MGT603 Question Strengths Opportunities Weaknesses Threats MGT603 Question Political,governmental,andlegalforces Competitiveforces Some Political, Governmental, and Legal Variables Local, state, and national elections MGT603 Question Communities Banks Suppliers Allofthegivenoptions MGT603 Question Decreaseinprices Increaseinprices Fluctuationinthepricesofaparticularcommodity Fluctuationingeneralpricelevel Price fluctuation refers to general price fluctuation. MGT603 Question Staffing Motivating Controlling Organizing Motivating ,Influencing people to accomplish specific objectives MGT603 Question Retrenchment Acquisition Divestiture Liquidation Defensive Strategies In addition to integrative, intensive, and diversification strategies, organizations also could pursue retrenchment, divestiture, or liquidation.
Reconcileinterestsamongdiversestakeholders Whatdoesthefirmwanttobecome Providecriteriaforselectingstrategies Page #17 under the head of Effective mission statements should b MGT603 Question Developingvisionandmissionstatements Performinginternalaudits Measuringandevaluatingperformance MGT603 Question Differentservices Differentstrategies Allofthegivenoptions
Ceremonial Saga Legend MGT603 Question In Competitive Profile Matrix, therating 4 indicates what? Selectcorrectoption: Majors trength Minor strength Minor weakness ref. or a major strength (rating 5 ,4) MGT603 Question # 41 External environment The target market for XYZ is oil and gas producers as well as producers of chemicals XYZ shall hire only those individuals who have with sufficient educational levels so as to be of benefit to our customers The customers of XYZ shall include global and local consumers of gas and oil products and domestic users of nontoxic chemicals The technologies utilized by XYZ shall focus upon development of alternative sources of gas and oil so as to remain competitive within the industry MGT603 Question # 43 Select correct option: Marketing Finance Operation Distribution ref. Production/operations management deals with inputs, transformations, and outputs that vary across industries and markets. MGT603 Question # 44 Which of the following statement applies to Vision Statement? MGT603 Question # 45 Measure and evaluate performance. MGT603 Question # 46 What is the range for a firm’s total weighted score in an External Factor Evaluation Matrix? Select correct option: 0 to 5 0 to 4 1 to 5 1 to 4 ref. total weighted score for the organization, Highest possible weighted score for the organization is 4.0; the lowest, 1.0. Average = 2.5 MGT603 Question # 47 All of the following are the broad categories of External forces EXCEPT: Select correct option: Economic forces Socioeconomic forces Technological forces Competitive forces ref. External forces can be divided into five broad categories: Economic forces; Social, cultural, demographic, and environmental forces; Political, governmental, and legal forces; Technological forces; and Competitive forces. MGT603 Question # 48 Which of the following statements is NOT correct about a mission statement? It
contains the definition of the company's business MGT603 Question # 49 MGT603 Question # 50 Select correct option: Changing lifestyle High oil prices Ineffective Marketing Increasing pollution ref. can allow an organization to avoid substantial losses by revealing weak products and ineffective marketing approaches before large-scale production begins. MGT603 Question # 51 A planned activity aimed at discovery of new knowledge with the hope of developing new or improved products and services and translation of its findings into a plan or design of new or improved products and services is known as: Select correct option: Marketing Research and development Production Management information system MGT603 Question # 52 Non-financial benefits of strategic management includes all of the following EXCEPT: Non-Financial benefits: Increased employee productivity Improved understanding of competitors’ strategies Greater awareness of external threats Understanding of performance reward relationships Better problem-avoidance Lesser resistance to change MGT603 Question # 53 Which one of the following is NOT a basic mission of a competitive intelligence program? In adapting to change an organization must monitor which of the following? Select correct option: Ongoing processes Internal and external events Timely changes All of the given options Adapting to change Organizational survival depends on: Continuous monitoring of internal and external facto Well-timed changes Effective adaptation calls for a long-run focus Incremental rise in degree of change MGT603 Question # 55 Which of these is the allocation and reallocation of capital and resources to projects, products, assets and divisions of an organization? Select correct option: Investment decision Financing decisions Restructuring decisions Strategic decision The investment decision, also called capital budgeting, is the allocation and reallocation of capital and resources to projects, products, assets, and divisions of an organization. MGT603 Question # 56 MGT603 Question # 57 Which one of the following dimensions is NOT a recommended component of a mission statement? Select correct option: Self-concept Markets Strategies Customers ref. Components of a Mission Statement 1. Customers: 2. Products or services: 3. Markets: 4. Technology: 5. Concern for survival, growth, and profitability: 6. Philosophy: 7. Self-concept: 8. Concern for public image: 9. Concern for employees: MGT603 Question # 58 Rehman industries are analyzing the technological forces for the firm which may provide it opportunities and threats for which of the following stage/s of strategic management process? Select correct option: Strategy formulation Strategy implementation Strategy evaluation All of the given options ref.Technological forces represent major opportunities and threats that must be considered in formulating strategies. MGT603 Question # 59 MGT603 Question # 60 “A Good mission statement identifies the utility of a firm's products to its customers”; which of the following represents this statement? During which stage of strategic management, firm’s specific internal strengths and weaknesses are determined? MGT603 Question # 62 Planning Controlling
ref. The increasing global interdependence among economies, markets, governments, and organizations makes it imperative that firms consider the possible impact of political variables on the formulation and implementation of competitive strategies.
MGT603 Question #67 MGT603
Question #68 A business mission should provide useful criteria for selecting among alternative strategies. A clear mission statement provides a dynamic in orientation, allowing judgments about the most promising growth directions and those considered less promising. MGT603 Question #69 MGT603 Question #70 MGT603 Question #71 Which of the following is the best example for achieving long-term objectives? to design strategies to achieve long-term objectives, and to develop policies to achieve annual objectives. MGT603 Question #72 Which type of trend can be exemplified by the increase in average level of education in a society? Social Key Social, Cultural, Demographic, and Environmental Variables •
Attitudes toward investing • Racial equality • Use of birth control • Average level of education MGT603 Question # 73 Business ethics can be defined as principles of
conduct within organizations that guide decision making and behavior. MGT603 Question # 74 Owner MGT603 Question # 75 The words social policy embrace managerial philosophy and thinking at the highest levels of an organization. For this reason, social policy affects the development of a business mission statement. Social issues mandate that strategists consider not only what the organization owes its various
stakeholders but also what responsibilities the firm has to consumers, environmentalists, minorities, communities, and other groups. MGT603 Question # 78 Mission statements Annual objectives are short-term milestones that organizations must
achieve to reach long-term objectives MGT603 Question # 79 Vision and mission Strategy implementation requires a firm to establish
annual objectives, devise policies, motivating employees and allocate resources so that formulated strategies can be executed. MGT603 Question # 80 MGT603
Question # 81 Measure and evaluate performance. P#49 demonstrate the strategic management model MGT603 Question # 82 Long term goals and objectives MGT603 Question # 83 MGT603 Question # 85 Greeley Select correct option: Formulation It occurs once a year MGT603 Question # 89 Select correct option: Take corrective actions Marketing: Marketing can be described as the process of defining, anticipating,
creating, and fulfilling customers’ needs and wants for products and services. There are seven basic functions of marketing: (1) Customer analysis, (2) Selling products/services, (3) Product and service planning, (4) Pricing, (5) Distribution, (6) Marketing research, and (7) Opportunity analysis. MGT603 Question #92 MGT603 Question #93 External assessment Competitive Intelligence Programs Systematic and ethical process for gathering and analyzing information about the competition’s activities and
general business trends to further a business’ own goals. MGT603 Question #95 Key Economic Variables to Be Monitored • Unemployment trends • Worker productivity levels • Value of the dollar in world markets • Stock market trends • Foreign countries' economic conditions MGT603 Question # 96 To involve as few managers as possible The Process of Developing a Mission Statement ·A clear mission is needed before alternative strategies can be formulated and implemented. ·Mission is important to have as broad a range of participation as possible among managers in developing the mission.
Select correct option: Conglomerate diversification Allow a firm to gain control over: Distributors (forward integration) Suppliers (backward integration) Competitors (horizontal integration)
Which of the following is the greatest advantage of international operations? Reduced tariffs and taxes MGT603 Question # 99 All of the specified approaches could be used to determine R&D budget allocation EXCEPT: Select correct option: Financing as many projects as possible Using percentage-of-sales method Budgeting irrelative to competitors Deciding how many successful new products are needed Four approaches to determining R&D budget allocations commonly are used: (1) Financing as many project proposals as possible, (2) Using a percentage-of-sales method, (3) Budgeting about the same amount that competitors spend for R&D, or (4) Deciding how many successful new products are needed and working backward to estimate therequired R&D investment. MGT603 Question # 100 Financial ratios are helpful in analyzing the relationship among which of the following? Select correct option: All assets and liabilities Profits and costs All functional areas of business Sales and profitability Ref: Page no. 51 Financial ratio analysis exemplifies the complexity of relationships among the functional areas of business. What is included in the mission statement quizlet?What is a mission statement? usually about purpose, but it is seldom about a dream. Typically a mission statement tries to address a problem with a statement of services. a mission statement outlining their intent to serve children in need of care to treat them respectfully and to meet their developmental needs.
Which of the following should be included in a business mission statement?The mission statement reflects every facet of your business: the range and nature of the products you offer, pricing, quality, service, marketplace position, growth potential, use of technology, and your relationships with your customers, employees, suppliers, competitors and the community.
How many components should a mission statement have quizlet?Your answer is correct. D. Mission statements should include the 9 components.
What is the key item or items a mission statement should include?A mission statement is a simple action-oriented statement that explains your company's purpose. It summarizes what your company does for customers, employees, and owners, and typically includes general descriptions of your organization, its core function, and its goals.
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