The Difference Between the Concept of a Company Mission Statement

question 40

Multiple Choice

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

• A) 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 with the company's future business scope (long term direction and future product-customer-market-technology focus).
• B) the mission is to make a profit,whereas a strategic vision concerns how to attract customers.
• 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 concerns what to do to achieve short-run objectives and a strategic vision concerns what to do to achieve long-run performance targets.
• E) a mission statement deals with "where we are headed" whereas a strategic vision provides the critical answer to "how will we get there."

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Definitions:

Excess Supply

A market condition where the quantity of a good supplied is greater than the quantity demanded at the current price.

Quantity Supplied

The amount of a good or service that producers are willing and able to sell at a certain price over a specified period.

Excess Supply

A situation in which the quantity of a good or service supplied is more than the quantity demanded.

Quantity Supplied

The amount of a commodity that producers are willing to sell at a given price over a specified period.