A component of the mission statement; the basic beliefs, values, aspirations, and ethical priorities of the firm.

Distinctive competence

A firm’s strengths that cannot be easily matched or imitated by competitors. One of the nine basic components needed for inclusion in a mission statement.

A component of the mission statement; commodities or benefits provided by a firm.

A component of the mission statement; is the firm technologically current?

Concern for public image

A component of the mission statement; is the firm responsive to social, community, and environmental concerns?

Mission statement components

(1) Customers; (2) products and services; (3) markets; (4) technology; (5) concern for survival, growth, and profitability; (6) philosophy; (7) distinctive competence; (8) concern for public image; and (9) concern for employees.

Another name for mission statement; a declaration of an organization’s “reason for being.” It answers the pivotal question, “What is our business?”

Concern for survival, growth, and profitability

A component of the mission statement; does the firm strive to survive, grow, and (if for-profit) be profitable?

A component of the mission statement; individuals who purchase a firm’s products or services.

The individuals and groups of individuals who have a special stake or claim on the company, such as a firm’s customers, employees, shareholders, and creditors.

the need for the statement to be sufficiently broad to “reconcile” differences effectively among diverse stakeholders; to appeal to a firm’s customers, employees, shareholders, and creditors rather than alienate any group.

Concern for employees

A component of the mission statement; are employees a valuable asset to the firm?

A component of the mission statement; geographic locations where a firm competes.

Core values statement

A document that specifies a firm’s commitment to integrity, fairness, discipline, equal employment opportunity, teamwork, accountability, continuous improvement, or other such exemplary attributes.

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bus 450 ch.2

Question	Answer
Philosophy	A component of the mission statement; the basic beliefs, values, aspirations, and ethical priorities of the firm.
Distinctive competence	A firm’s strengths that cannot be easily matched or imitated by competitors. One of the nine basic components needed for inclusion in a mission statement.
Products or services	A component of the mission statement; commodities or benefits provided by a firm.
Technology	A component of the mission statement; is the firm technologically current?
Concern for public image	A component of the mission statement; is the firm responsive to social, community, and environmental concerns?
Mission statement components	(1) Customers; (2) products and services; (3) markets; (4) technology; (5) concern for survival, growth, and profitability; (6) philosophy; (7) distinctive competence; (8) concern for public image; and (9) concern for employees.
Creed statement	Another name for mission statement; a declaration of an organization’s “reason for being.” It answers the pivotal question, “What is our business?”
Concern for survival, growth, and profitability	A component of the mission statement; does the firm strive to survive, grow, and (if for-profit) be profitable?
Customers	A component of the mission statement; individuals who purchase a firm’s products or services.
Stakeholders	The individuals and groups of individuals who have a special stake or claim on the company, such as a firm’s customers, employees, shareholders, and creditors.
Reconciliatory	the need for the statement to be sufficiently broad to “reconcile” differences effectively among diverse stakeholders; to appeal to a firm’s customers, employees, shareholders, and creditors rather than alienate any group.
Concern for employees	A component of the mission statement; are employees a valuable asset to the firm?
Markets	A component of the mission statement; geographic locations where a firm competes.
Core values statement	A document that specifies a firm’s commitment to integrity, fairness, discipline, equal employment opportunity, teamwork, accountability, continuous improvement, or other such exemplary attributes.

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