Company Mission

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Question 1
Free
Multiple Choice

The unique purpose that sets a company apart from others of its type and identifies the scope of its operations.In product,market and technology terms is defined as (the)

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A

Adverse selection

B

Company mission

C

Moral hazard problem

D

Vision statement

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Question 2
Free
Multiple Choice

Which external body requires that a company have a mission statement?

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A

None

B

SEC

C

Justice Department

D

IRS

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Question 3
Free
Multiple Choice

_____ is a statement,not of measurable targets but of attitude,outlook,and orientation.

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A

Company mission

B

Company vision

C

Company strategy

D

Company policy

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Question 4
Free
Multiple Choice

The company mission is a broadly framed but enduring statement of

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A

A firm's intent

B

Corporate structure

C

A firm's competitive positioning

D

Stakeholder analysis

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Question 5
Free
Multiple Choice

The mission:

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A

Sets policy

B

Describes the firm's product

C

Identifies stakeholders

D

Creates the board of directors

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Question 6
Multiple Choice

As the business grows or is forced by competitive pressures to alter its product,market,or technology, ______ the company mission may be necessary.

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A
redefining
B
abandoning
C
writing
D
discarding
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Question 7
Multiple Choice

The mission reflects the:

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A
Values of the decision makers
B
Goals of the decision makers
C
Experiences of the decision makers
D
Policies of firm
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Question 8
Multiple Choice

The company mission identifies the

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A
Key competitors in the marketplace
B
Board of directors' responsibility towards the owners
C
Specific strategies for gaining market share
D
Scope of its operations in product and market terms
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Question 9
Multiple Choice

Which of these is NOT true about the company mission?

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A
It embodies the business philosophy of the firm's strategic decision makers
B
It implies the image the firm seeks to project
C
It provides specific strategies for front-line managers
D
It reflects the firm's self-concept
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Question 10
Multiple Choice

The company mission reflects the firm's

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A
Vision
B
Self-concept
C
Corporate governance
D
Agency costs
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Question 11
Multiple Choice

Characteristically,the company mission is a statement of all of these EXCEPT

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A
Attitudes
B
Outlooks
C
Measurable targets
D
Orientation
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Question 12
Multiple Choice

The mission statement is a message designed to be inclusive of the expectations of _______ stakeholders for the company's performance over the ______ .

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A
All; long run
B
Only key; short run
C
All; short run
D
Only key; long run
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Question 13
Multiple Choice

A revised mission will contain _____ components as the original.

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A
the same
B
more
C
fewer
D
different
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Question 14
Multiple Choice

Which one of the following is NOT an outcome designed to be accomplished by a company mission?

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A
To provide a unifying purpose for the organization
B
To provide a basis for strategic objective setting
C
To provide a basis for decision making
D
To reward stockholders
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Question 15
Multiple Choice

In general terms,the mission statement addresses all of the following questions EXCEPT

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A
What are our economic goals?
B
What is our operating philosophy in terms of quality, company image and self-concept?
C
What customers do and can we serve?
D
Who are our competitors and how can we collaborate with them?
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Question 16
Multiple Choice

In general terms,which of the following questions is addressed by the mission statement?

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A
How should we price our products?
B
What are our economic goals?
C
Which employees should we hire?
D
What leverage structure should we follow?
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Question 17
Multiple Choice

The process of defining the company mission for a specific business can be best understood by

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A
Thinking about the business at its inception
B
Looking at the industry attributes
C
Analyzing the regulatory requirements of what to include in a mission
D
Analyzing the most successful competitors in the marketplace
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Question 18
Multiple Choice

In deriving a mission statement,which of the following should be included?

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A
Tax advantages
B
Secondary markets to be served
C
Concern for survival through growth
D
Employee rules and policies
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Question 19
Multiple Choice

When should a company redefine its mission?

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A
When the competition have failed
B
When the board meets with top management annually
C
When the business is forced by competitive pressures to alter its products of market
D
When the government requires the business to redefine it
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Question 20
Multiple Choice

A mission statement should include all of these components EXCEPT

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A
Basic types of products or services to be offered
B
The firm's managerial philosophy
C
The public image the firm seeks
D
The government regulations the firm must meet
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