MIE 480 MIDTERM CHAPTER 3 EXAM
QUESTIONS AND ANSWERS GRADED A+
2026
Every organization must possess a - ANS set of resources and capabilities that will allow it to
achieve superior and sustainable returns
It is important to have a deep understanding of the (3) - ANS competitive environment, our
company's position in that environment, and how we may profit from that position
Mission Statement - ANS Mission statement - helps move employees in the same direction
because it is a brief statement that summarizes how and where the firm will compete in the
present
5 characteristics of mission statement - ANS Short, simple, company-specific, actionable,
measurable
Vision Statement - ANS also provides guidance because it present a more compelling,
overarching image of the organization in the future that motivates employees to focus their
actions toward a common point
vision statement is sometimes referred to as - ANS statement of purpose
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
1
, 6 characteristics of vision statements - ANS Incorporates foresight, provides event horizon,
connects with current capabilities, incorporates enduring values, short, memorable
principles - ANS guide the sort of behavior that is acceptable and unacceptable in pursuing
the mission - moral and ethical foundations for the conduct of the company's business activities
both internally and externally
The purpose of mission and visions is to be - ANS the glue that binds employees' actions into
a unified effort
Over the past 30 years, it has been found that corporate performance improves as firms focus
their resources and capabilities on a - ANS narrower, not broader, set of activities
5 ways senior management ensures that the mission and vision are both known and used but
employees - ANS Creating narratives
Role models
Specific Short-term objectives
Personalizing mission and vision
Create objects that display the mission and vision
3 common words in principles - ANS integrity, respect, innovation
principle must be (2) - ANS clearly defined and reinforced
vision statement incorporates - ANS foresight
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
2
QUESTIONS AND ANSWERS GRADED A+
2026
Every organization must possess a - ANS set of resources and capabilities that will allow it to
achieve superior and sustainable returns
It is important to have a deep understanding of the (3) - ANS competitive environment, our
company's position in that environment, and how we may profit from that position
Mission Statement - ANS Mission statement - helps move employees in the same direction
because it is a brief statement that summarizes how and where the firm will compete in the
present
5 characteristics of mission statement - ANS Short, simple, company-specific, actionable,
measurable
Vision Statement - ANS also provides guidance because it present a more compelling,
overarching image of the organization in the future that motivates employees to focus their
actions toward a common point
vision statement is sometimes referred to as - ANS statement of purpose
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
1
, 6 characteristics of vision statements - ANS Incorporates foresight, provides event horizon,
connects with current capabilities, incorporates enduring values, short, memorable
principles - ANS guide the sort of behavior that is acceptable and unacceptable in pursuing
the mission - moral and ethical foundations for the conduct of the company's business activities
both internally and externally
The purpose of mission and visions is to be - ANS the glue that binds employees' actions into
a unified effort
Over the past 30 years, it has been found that corporate performance improves as firms focus
their resources and capabilities on a - ANS narrower, not broader, set of activities
5 ways senior management ensures that the mission and vision are both known and used but
employees - ANS Creating narratives
Role models
Specific Short-term objectives
Personalizing mission and vision
Create objects that display the mission and vision
3 common words in principles - ANS integrity, respect, innovation
principle must be (2) - ANS clearly defined and reinforced
vision statement incorporates - ANS foresight
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
2
