The Difference Between the Concept of a Company Mission Statement

question 38

Multiple Choice

The difference between the concept of a company mission statement and the concept of a strategic vision is that

• A) a mission concerns what to do to achieve short-run objectives and a strategic vision concerns what to do to achieve long-run performance targets.
• B) the mission is to make a profit, whereas a strategic vision concerns what business model to employ in striving to make a profit.
• C) a mission statement deals with what to accomplish on behalf of shareholders and a strategic vision concerns what to accomplish on behalf of customers.
• D) a mission statement typically concerns a company's present business scope ("who we are and what we do") whereas the principal concern of a strategic vision is the company's long term direction and future product-market-customer-technology focus.
• E) a mission statement deals with "where we are headed " whereas a strategic vision provides the critical answer to "how will we get there?"

---

Definitions:

Sum Squares Treatments (SST)

A measure used in the analysis of variance (ANOVA), representing the sum of squared differences between the treatment means and the overall mean.

Sum Squares Error (SSE)

This term corresponds to the sum of the squared differences between the observed and predicted values, used in statistical models to measure the amount of error.

SS(Total)

The total sum of squares in statistical analysis, a measure of the total variability within a dataset.

F-test

A statistical test used to compare two population variances and determine if they are significantly different.