Chapter 2: Business Vision and Mission

Question 1

Draw the figure of a Comprehensive Strategic-Management Model

Answer 1

Check in the PPT if it’s correct

Question 2

Define the core values statement

Answer 2

A core values statement specifies a firm’s commitment to integrity, fairness, discipline, equal employment opportunity,
teamwork, accountability, continuous improvement, or other such exemplary attributes.

Question 3

A core values statement specifies a firm’s commitment to

Answer 3

integrity, fairness, discipline, equal employment opportunity, teamwork, accountability, continuous improvement, or other such exemplary attributes.

Question 4

A vision statement should answer the basic question:

Answer 4

“What do we want to become?”

Question 5

This statement answer the “What do we want to become?”

Answer 5

vision statement

Question 6

Define vision statement

Answer 6

• A vision statement should answer the basic question: “What do we want to become?”
• The vision statement should be short, preferably one sentence, and as many managers as possible should have input into developing the statement.
• The vision statement should reveal the type of business the firm engages

Question 7

Provide an example of a vision statement

Answer 7

Jollibee: To be one of the Top 5 Restaurant Companies in the World
McDonald’s :”To move with velocity to drive profitable growth and become an even better McDonald’s serving more customers delicious food each day around the world”.

Question 8

The vision statement should be?

Answer 8

short, preferably one sentence, and as many managers as possible should have input into developing the statement.

Question 9

The vision statement should?

Answer 9

reveal the type of business the firm engages

Question 10

Define Mission Statement

Answer 10

• A declaration of an organization’s “reason for being.”
• It answers the pivotal question “What is our business?”
• It is essential for effectively establishing objectives and formulating strategies.
• It reveals what an organization wants to be and whom it wants to serve
• It is also called a creed statement, a statement of purpose, a statement of philosophy, a statement of beliefs, and a statement of business principles

Question 11

It answers the pivotal question “What is our business?”

Answer 11

Mission Statement

Question 12

Mission Statement answers the pivotal question:

Answer 12

“What is our business?”

Question 13

Mission Statement is essential for?

Answer 13

effectively establishing objectives and formulating strategies.

Question 14

It reveals what an organization wants to be and whom it wants to serve

Answer 14

Mission Statement

Question 15

Mission Statement reveals what?

Answer 15

It reveals what an organization wants to be and whom it wants to serve

Question 16

It is also called a creed statement, a statement of purpose, a statement of philosophy, a statement of beliefs, and a statement of business principles

Answer 16

Mission Statement

Question 17

Mission Statement also called a?

Answer 17

creed statement, a statement of purpose, a statement of philosophy, a statement of beliefs, and a statement of business principles

Question 18

This allows for the generation and consideration of a range of feasible alternative objectives and strategies without unduly stifling management
creativity.

Answer 18

good mission statement

Question 19

A good mission statement allows for?

Answer 19

A good mission statement allows for the generation and consideration of a range of feasible alternative objectives and strategies without unduly stifling management creativity.

Question 20

A mission statement needs to be?

Answer 20

A mission statement needs to be broad to reconcile differences effectively among, and appeal to, an organization’s diverse stakeholders

Question 21

Define Stakeholders

Answer 21

– include employees, managers, stockholders, boards of directors, customers, suppliers, distributors, creditors, governments (local, state, federal, and foreign), unions, competitors, environmental groups, and the general
public.

Question 22

Stakeholders includes what?

Answer 22

include employees, managers, stockholders, boards of directors, customers, suppliers, distributors, creditors, governments (local, state, federal, and foreign), unions, competitors, environmental groups, and the general
public.

Question 23

Provide the 9 Characteristics of a Mission
Statement

Answer 23

1. Broad in scope; does not include monetary amounts,
   numbers, percentages, ratios, or objectives
2. Fewer than 150 words in length
3. Inspiring
4. Identifies the utility of a firm’s products
5. Reveals that the firm is socially responsible
6. Reveals that the firm is environmentally responsible
7. Includes nine components: customers, products or
   services, markets, technology, concern for
   survival/growth/profits, philosophy, self-concept, concern
   for public image, concern for employees
8. Reconciliatory
9. Enduring

Question 24

Provide an Insight on Scope of Mission
Statement

Answer 24

Mission statements are not designed to express concrete ends, but rather to provide motivation, general direction, an
image, a tone, and a philosophy to guide the enterprise. An excess of detail could prove counterproductive since
concrete specification could be the base for rallying opposition; all in the firm need to be onboard with the firm’s mission.

Question 25

What is the Consideration for a Mission Statement

Answer 25

Do not offer me things. Example: 1. Do not offer me clothes. Offer me attractive looks. 2. Do not offer me shoes. Offer me comfort for my feet and the pleasure of walking. 3. Do not offer me a house. Offer me security, comfort, and a place that is clean and happy. 4. Do not offer me books. Offer me hours of pleasure and the benefit of knowledge. 5. Do not offer me CDs. Offer me leisure and the sound of music. 6. Do not offer me tools. Offer me the benefits and the pleasure that come from making beautiful things. 7. Do not offer me furniture. Offer me comfort and the quietness of a cozy place. 8. Do not offer me things. Offer me ideas, emotions, ambience, feelings, and benefits. 9. Please, do not offer me things.

Question 26

Provide the 9 Mission Statement Components

Answer 26

1. Customers-Who are the firm’s customers? 2. Products or services-What are the firm’s major products or services? 3. Markets-Geographically, where does the firm compete? 4. Technology-Is the firm technologically current? 5. Survival, growth, and profitability- Is the firm committed to growth and financial soundness? 6. Philosophy-What are the basic beliefs, values, aspirations, and ethical priorities of the firm? 7. Distinctive competence-What is the firm’s major competitive advantage? 8. Public image - Is the firm responsive to social, community, and environmental concerns? 9. Employees - Are employees a valuable asset of the firm?

Question 27

Provide the 4 Importance of Vision and Mission Statements

Answer 27

1. To make sure all employees/managers understand the firm’s purpose or reason for being. 2. To provide a basis for prioritization of key internal and external factors utilized to formulate feasible strategies. 3. To provide a basis for the allocation of resources. 4. To provide a basis for organizing work, departments, activities, and segments around a common purpose.

Question 28

Provide the Ten Benefits of Having a Clear Mission and Vision

Answer 28

1. Achieve clarity of purpose among all managers and employees. 2. Provide a basis for all other strategic planning activities, including internal and external assessment, establishing objectives, developing strategies, choosing among alternative strategies, devising policies, establishing organizational structure, allocating resources, and evaluating performance. 3. Provide direction. 4. Provide a focal point for all stakeholders of the firm. 5. Resolve divergent views among managers. 6. Promote a sense of shared expectations among all managers and employees. 7. Project a sense of worth and intent to all stakeholders. 8. Project an organized, motivated organization worthy of support. 9. Achieve higher organizational performance. 10.Achieve synergy among all managers and employees.

Question 29

In Developing Vision and Mission Statements. A widely used approach includes:

Answer 29

A widely used approach includes: * Select several articles about these statements and ask all managers to read these as background information. * Ask managers themselves to prepare a vision and mission statement for the organization. * A facilitator or committee of top managers should then merge these statements into a single document and distribute the draft statements to all managers. * A request for modifications, additions, and deletions is needed next, along with a meeting to revise the document.

Question 30

Provide an example of a Mission Statement

Answer 30

We strive to be the most loved and primary brand that fuels a bond to be closer and stronger together with their “pamilya”, “barkadahan”, (1) and communities across the “Pilipinas” (3). By providing a diverse menu of delicious and high-quality foods (2) that satisfy the taste buds of Filipinos (7), including vegetarian choices, gluten-free options, and lighter, healthier options (8) to provide satisfaction and inclusivity to our fellow Filipinos (6). With a combination of delicate service, every meal is prepared with care and served with warm, hospitable service while maintaining the highest standards of quality (9). To expand our product offerings (5) we do online ordering, delivery services, and digital engagement (4) to make Greenwich an accessible and affordable choice to the hearts of every Filipino.

Question 31

Draw a figure on How to Gain and Sustain Competitive Advantages

Answer 31

Check in the PPT if it's correct