Principles of Management
OER 2019 Edition
ISBN: 9780998625768
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 9, Problem 1CRQ
What does a mission statement explain about a firm that a vision statement does not?
Expert Solution & Answer
Summary Introduction
To explain:
The meaning conveyed by a mission statement about the firm that the vision statement fails to convey.
Vision statement and mission statement:
The vision statement is a broad expression of what the business wants to achieve, while the mission statement focuses on the manner to achieve the company's vision. Laying down the firm's vision and mission is an important step in the process of strategic planning.
Explanation of Solution
The vision statement is a broad expression of what the business wants to accomplish. The vision statement does not explain in detail the strategies that the business will adopt to accomplish its vision. It merely explains the reasons for the existence of a firm. The mission statement on the other hand is more specific and focused.
The mission statement explains the reason for the existence of a business and the way the firm plans to achieve its objectives. The mission statement cannot be called as a strategy. However, it describes the products and services the firm plans to offer to its target customers and the target audience and geographical segments it plans to serve. While the vision statement does not contain the detailed information, the mission statement gives enough information regarding the existence of a company, what it plans to offer to its customers and how it plans to achieve its goals.
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As you start the research on your report to the management team next week, you need to think through the critical factors of the Strategic Management Process that will be important to successful operations in your expansion country.
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Chapter 9 Solutions
Principles of Management
Ch. 9.1 - What activities make up the strategic management...Ch. 9.2 - What does a mission statement explain about a firm...Ch. 9.2 - What are the similarities and differences between...Ch. 9.3 - What strategic analysis tools from the previous...Ch. 9.4 - What is the difference between strategic...Ch. 9.4 - Describe the three levels of strategy and what a...Ch. 9.4 - What is a grand strategy, and how does it relate...Ch. 9.4 - What are the three grand strategies, and why would...Ch. 9.5 - What PESTEL forces (see Chapter 8) have...Ch. 9.5 - Amazon has entered into the brick-and-mortar store...
Ch. 9.5 - What strategic actions do you think a store like...Ch. 9.5 - What are the three levels of planning, and what...Ch. 9.5 - Why is strategic implementation most commonly...Ch. 9.6 - Why is performance evaluation critical in...Ch. 9.6 - How does the strategic planning process inform...Ch. 9 - What does a mission statement explain about a firm...Ch. 9 - Describe the three levels of strategy and what a...Ch. 9 - Give an example for why a firm would pursue each...Ch. 9 - What actions can help a firm grow?Ch. 9 - What managerial skills and actions are included in...Ch. 9 - Why are good goals important to the planning...Ch. 9 - What are the strategic planning time frames? How...Ch. 9 - Why is performance measurement often the start of...Ch. 9 - What reaction do you think employees had when Ray...Ch. 9 - How would you turn the Seven Fronts of...Ch. 9 - How is tying rewards to improved sustainability...
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