BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Creed
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Vision
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Objectives
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Mission
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Competitive advantage
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Detailed explanation-1: -Many organizations have both a vision and mission statement, but the vision statement should be established first and foremost.
Detailed explanation-2: -The financial statement prepared first is your income statement. As you know by now, the income statement breaks down all of your company’s revenues and expenses. You need your income statement first because it gives you the necessary information to generate other financial statements.
Detailed explanation-3: -The mission statement, or current purpose, is first and foremost one of the five key elements of strategic thinking.
Detailed explanation-4: -Vision statements can be classified as quantitative or superlative.
Detailed explanation-5: -It’s comprised of three parts: what you do, how you do it, and why you do it. A vision statement outlines the company’s long-term goals and aspirations for the future in terms of its long-term growth and impact on the world.