1.2.1 Defining the Organization's Mission

Question 1

What doe a organization’s strategy determines what?

Answer 1

the direction it will go and serves to coalesce the energies of may people and departments in a unified effort

Question 2

Good strategies help organizational leaders do what?

Answer 2

To make consistent and effective decisions. The also communicate expectations and coordinate the actions of the members

Question 3

What is a strategy?

Answer 3

Refers to the goals and polices designed to achieve competitive advantage in a particular marketplace

Question 4

What are the benefits of organization’s strategy?

Answer 4

• Help organizational leaders make consistent and effective decisions
• Communicate expectations and coordinate the action of the member: Mission statement
• Explains how the firm plans to make money no and in the future

Question 5

Competitive advantage

Answer 5

to create a successful company you must identify a product or service that you can provide in a competitive market and do it better than your competitors.

Question 6

The probability that your company will be profitable increases as…

Answer 6

• You have a clear vision about the product or service you want to provide and how it will benefit people, other companies, and society
• you choose an attractive industry in which to compete
• you provide a superior product or services in terms of cost and quality
• you have few, or no, competitors
• your product or service cannot be easily imitated by competitors
• few, if any, substitutes can replace the demand for your product or service

Question 7

What is a vision statement?

Answer 7

imagines in detail what the company will become if successful

Question 8

What does a mission statement explain?

Answer 8

explains why an organization exists, who, it serves, and why it should continue

Question 9

How should a company present its mission statement?

Answer 9

• written
• Realistic and credible
• language should be well- articulated and easily understood

Question 10

Who is responsible for writing and disseminating the vision and mission statement?

Answer 10

Top- management and HR managers

Question 11

List the elements that are usually found in a mission statement

Answer 11

• purpose statement
• business statement
• values statement

Question 12

What is a purpose statement?

Answer 12

This statement explains what the organization seeks to accomplish and why it deserves the commitment of members and the support of the public

Question 13

What is a business statement?

Answer 13

This statement identifies the organization’s business activities or functions.

Question 14

What is a value statement?

Answer 14

Explains the value and beliefs that members hold in common and try to follow

Question 15

What points should useful mission statement have?

Answer 15

• clearly identify the purposes of the organization so that measurable objectives can be derived from them
• Differentiate the firm from other companies in the industry and establish its individuality and uniqueness
• Define the business of the company with respect to its achievement and products
• identify and explain the firm’s relationship and obligations to all relevant stakeholders
• Explain how it will contribute to society and improve lives