BPL 5100 CHAPTER 2 Questions with complete solutions
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BPL 5100 CHAPTER 2
Institution
BPL 5100 CHAPTER 2
BPL 5100 CHAPTER 2
Mission statement - Answer- A formal statement by the firm describing its current task or business and market position (what the firm presently is), its vision for the future (what it intends to become), and how it plants to get to its future position (values and goals that wi...
BPL 5100 CHAPTER 2
Mission statement - Answer- A formal statement by the firm describing its current
task or business and market position (what the firm presently is), its vision for the
future (what it intends\ to become), and how it plants to get to its future position
(values and goals that will guide its actions toward the vision)
Task - Answer- What the firm currently does in terms of products offered and
markets or customers served
Vision - Answer- What kind of business enterprise the firm dreams of becoming in
the future
Values/beliefs - Answer- The ideals the firm is committed to, that will lead it to its
vision
Goals/objectives - Answer- the targets and milestones the firm aims to reach in
pursuit of its vision
Financial goals - Answer- Targets of financial performance (higher return on invested
capital)
Strategic goals - Answer- Strategic or competitive advantages sought by a firm
industry (technological leadership)
Stakeholders - Answer- Individuals or groups in the firm's environment that affect, or
affected by, the firm's actions; have a stake in what the firm does and how well it
performs
Primary stakeholders - Answer- Those that have an exchange relationship with the
firm; provide valuable inputs to the firm's business in exchange for satisfaction of
their own needs
Secondary stakeholders - Answer- Those that do not have an exchange relationship
with the firm but have the potential to harm the firm if the firm's actions harm them
Corporate governance - Answer- Directing the activities of the corporation; refers to
all the systems, structures, and processes in place to ensure that managerial
activities focus on the goals of the corporation and its owners; the board structure
(composition, competency of the board members), monitoring mechanisms (rules of
management supervision, reward structure), and monitoring process (Steps in CEO
evaluation) are all components of this
Board of directors - Answer- A committee, elected by the shareholders of a
company, to oversee the management of the company
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