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MBA 706 Exam Study Guide 2 with Complete SolutionsMBA 706 Exam Study Guide 2 with Complete SolutionsMBA 706 Exam Study Guide 2 with Complete SolutionsMBA 706 Exam Study Guide 2 with Complete SolutionsMBA 706 Exam Study Guide 2 with Complete SolutionsWhat is the definition of a mission? - ANSWER-Uni...

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  • October 10, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • mba 706 exam study guide 2 with complete solutions
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  • what is the definition of a mission answer uniq

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MBA 706 Exam Study Guide 2 with

Complete Solutions


What is the definition of a mission? - ANSWER-Unique purpose that

distinguishes the organization from other companies and defines the

boundaries of its operations




What does a mission do? - ANSWER-Proclamation of organizations primary

objective that encapsulates its core values




What should a mission do? - ANSWER-Characterize the organization's

principles and priorities and define the broad product, market, and

technologies that are core to the business.




A Mission should define the boundaries of business' ambitions: - ANSWER-

Product Scope

Market Scope

Geographical Scope

,T/F A mission may also encompass the organizations strategic intent or

vision? - ANSWER-TRUE




Can a mission act as a guide and lead to the development of hierarchy of

objectives? - ANSWER-Yes




What should a mission accurately describe? - ANSWER-The: Business,

The: Market it serves

The: organizations capabilities




What can influence an organizations mission? - ANSWER-1. Corporate

governance: who SHOULD we serve /accountability

2. Stakeholders - who DO we serve/ balance of power

3. Business Ethics - social responsibility / expectations

4. Cultural Context - Aspects of mission are priority / influence of cultural

environment

What is the hierarchy of objectives? - ANSWER-Corporate - over 3 years:

organizations overall direction in term of growth / i.e. increase profit by 30%

, Functional - over 3 years: Marketing, finance, HR, ops - Departments

direction in terms of growth / i.e. 25% increase in marketing share




Operational - 1-3 years: marketing mix (product, service, promotion)

Marketing strategy becomes the objective




Sometimes SBU - level also if org has a divisional structure




What is a broad mission statement? - ANSWER-- Fairly Common, generally

refers to all stakeholders in the business

EX) Scottish Power "highly rated utility-based company in related markets..

provide excellent quality.. service to customers.. returns to investors"




What are some pros & cons of a broad mission statement? - ANSWER-Pros-

addresses the problem of too narrow of a focus

Cons- Can fail to clearly define core market & product areas




What is a narrow focus mission statement? - ANSWER-Example: Newport

News Shipbuilding "we build good ships"

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