Which of the Following Is One of the Five Basic

question 4

Multiple Choice

Which of the following is one of the five basic questions that a good mission statement should answer?

• A) Who are our competitors?
• B) What is our market position?
• C) What is our operating philosophy?
• D) What are our opportunities?
• E) Where have we been?

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Definitions:

Profit Maximisation

An objective of management to achieve the highest possible profit from operations, usually by increasing revenue and/or reducing costs.

Employee Morale

The overall outlook, attitude, satisfaction, and confidence that employees feel at work, which can significantly impact productivity and retention.

Constraints

Limitations or restrictions that affect the planning, process, or outcome of an activity or system.

Opportunity Costs

The cost of forgoing the next best alternative when making a decision or choosing between options.