Midterm Quiz # 4

• He believes that the trick is to keep the vision simple but elevated.

  Reuben Mark
• It is the foundation for priorities,

  strategies, plans, and work assignments.

  Mission
• It is a possible and desirable future state of an organization that includes specific goals.

  Vision
• It is a magazine who reported that firms using mission statements have a 30 percent higher return on certain financial measures than those without such statements.

  BusinessWeek
• A Mission Statement Component that asks the question, Geographically, where does the firm compete?

  Market
• They emphasize the process of developing a mission statement that should create an emotional bond and sense of mission between the organization and its employees.

  Campbell and Yeung
• He is often called "the father of modern management" for his pioneering studies at General Motors Corporation.

  Peter Drucker
• It provides the foundation for developing a comprehensive mission statement.

  Vision
• It should be short, preferably one sentence, and as many managers as possible should have input into developing the statement.

  Vision
• It is sometimes called a creed statement, a statement of purpose, a statement of philosophy, a statement of beliefs, a statement of business principles, or a statement "defining our business.

  Mission
• Awarded by the Fortune Magazine in 2009, rated as their 11th "Most Admired Company in the World" in terms of their management and performance.

  Wal-Mart
• It is a declaration of an organization's reason for being.

  Mission
• A Mission Statement Component

  that ask the question, Is the firm responsive to social, community, and environmental concerns?

  Concern for Public Image
• A Mission Statement Component that ask the question, What are the basic beliefs, values, aspirations, and ethical priorities of the firm?

  Philosophy
• They recommend that organizations should carefully develop a written mission statement in order to reap benefits such as to ensure unanimity of purpose within the organization.

  King and Cleland
• They found a positive relationship between mission statements and organizational performance.

  Bart and Baetz
• They make sure that question receives the attention it deserves and that the answer makes sense and enables the business to plot its course and set its objectives.

  Strategists
• It answers the question "What do we want to become?"

  Vision
• It comes when an individual personally identifies with the underlying values and behavior of a firm, thus turning intellectual agreement and commitment to strategy into a sense of mission.

  Emotional Bond
• It reveals what an organization wants to be and whom it wants to serve.

  Mission
• It answers the question "What is our business?"

  Mission
• It is an enduring statement of purpose that distinguishes one organization from other similar enterprises.

  Mission
• It is more associated with behavior and the present.

  Mission
• A Mission Statement Component that ask the question, what is the firm's distinctive competence or major competitive advantage?

  Self-Concept
• They founded that firms with a formalized mission statement have twice the average return on shareholders' equity than those firms without a formalized mission statement have.

  Rarick and Vitto