week 5 mission statement

Question 1

What is our business?

Answer 1

Mission Statement

Question 2

Characteristic of a Mission Statement

Answer 2

Broad in scope
Less than 250 words in length
Inspiring
Identify the utility of a firm’s product
Reveal the firm is socially responsible
Reveal that the firm is environmentally responsible
Include nine components
Reconciliatory
Enduring

Question 3

Nine Essential Components of a Mission Statement

Answer 3

Customers
Products or services
Markets
Technology
Concern for survival, growth and profitability
Philosophy
Self-concept
Concern for public image
Concern for employees

Question 4

Who are the firm’s customers?

Answer 4

Customers

Question 5

What are the firm’s major products or services?

Answer 5

Products or services

Question 6

Geographically, where does the firm compete?

Answer 6

Markets

Question 7

Is the firm technology current?

Answer 7

Technology

Question 8

is the firm committed to growth and financial soundness?

Answer 8

Concern for survival, growth and profitability

Question 9

What are the basic beliefs, values, aspirations, and ethical priorities of the firm?

Answer 9

Philosophy

Question 10

What is the firm’s distinctive competence or major competitive advantage?

Answer 10

Self-concept

Question 11

Is the firm responsive to social, community, and environmental concern?

Answer 11

Concern for public image

Question 12

Are employees a valuable asset of the firm?

Answer 12

Concern for employees