CS Module 4

What is the primary purpose of a business vision statement?

• To outline daily operational tasks
  
  

• To describe the company's long-term aspirations

• To list employee benefits
  
  

• To detail financial statements
  
  

A mission statement typically includes

• The company's core purpose and scope of operations

• Quarterly sales targets

• Employee attendance policies

• Office layout designs

The process of developing a vision and mission statement involves

• Only top management
  
  

• Input from stakeholders, including employees and customers

• Copying competitors' statements

• Ignoring market trends

Why are vision and mission statements important

• They provide strategic direction and motivate employees

• They replace the need for financial planning

• They focus solely on short-term goals

• They are required only for annual reports

Which of the following is a characteristic of an effective mission statement?

• Vague and broad language

• Clear, concise, and inspiring

• Focused on competitor weaknesses
  
  

• Limited to financial objectives
  
  

Long-term objectives are usually set for a period of

• 1 year or less
  
  

• 3 to 5 years or more
  
  

• 6 months
  
  

• Quarterly intervals
  
  

Which of the following is a type of corporate-level strategy?

• Market penetration

• Diversification

• Cost leadership

• Operational efficiency
  
  

Business-level strategies focus on

• How to compete in a specific industry
  
  

• Mergers and acquisitions

• Government regulations
  
  

• Employee training programs
  
  

Forward integration involves

• Acquiring suppliers
  
  

• Taking control of distributors or retailers

• Merging with competitors

• Expanding into unrelated businesses
  
  

Market penetration is an example of

• Intensive strategy

• Defensive strategy

• Diversification strategy

• Blue Ocean strategy