BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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is a statement of a firm’s business in which it intends to compete and the customers which it intends to serve.
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is an internally-focused affirmation of the organization’s financial, social, and ethical goals.
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is mainly intended to emotionally inspire employees and other stakeholders.
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is developed by a firm before the firm develops its vision.
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Detailed explanation-1: -A mission statement is used by a company to explain, in simple and concise terms, its purpose(s) for being. It is usually one sentence or a short paragraph, explaining a company’s culture, values, and ethics.
Detailed explanation-2: -A firm’s mission: a. is a statement of a firm’s business in which it intends to compete and the customers it intends to serve.
Detailed explanation-3: -The mission statement takes the why of a vision statement and gives a broad description of how the firm will try to make its vision a reality. A mission statement is still not exactly a strategy, but it focuses on describing the products a firm plans to offer or the target markets it plans to serve.
Detailed explanation-4: -Answer & Solution A mission statement defines what an organization is, why it exists, its reason for being.