MAR 4832 EXAM 2 (CHAPTER 4) QUESTIONS AND
VERIFIED ANSWERS
What is a mission statement - Answers - tells stakeholders purpose of organization and
what it represents
What 3 questions does the mission statement answer - Answers - 1. What company
does
2. Who do they do it for
3. How do they do it
What is the length of a mission statement - Answers - it is concise
What is the time period of a mission statement - Answers - short term, 1-3 years
What is a vision statement - Answers - communicates what firm wishes to accomplish
What is the time period of a vision statement - Answers - long term, 2-10 years
What are the 4 pitfalls of writing a vision statement - Answers - 1. Lack of originality
2. Written by one author (lack of povs)
3. Not concise
4. Too internally driven
5 steps to write a vision statement - Answers - 1. Assemble the authors
2. Be concise - accurately write what you want to be accomplished
3. Review the draft by team then edit
4. Seek a second opinion
5. Post the vision for stakeholders to read - helps other to know where firm is going in
future
What are the 4 benefits of great mission and vision statements - Answers - 1. Provides
a common goal
2. Helps in strategic and tactical planning
3. Allows stakeholders to see company purpose and growth potential
4. Drives innovation by aligning the development of G+S with mission and vision
What is community - Answers - a feeling of fellowship
How is community a feeling of fellowship - Answers - by sharing interactions and
relationships
What does community involve - Answers - common attitudes, interests, behaviors, and
goals
, What does community do for its members - Answers - it empowers them
What do members get out of community - Answers - they get out what they put in
What does community represent - Answers - a choice an individual makes
Does community change - Answers - no, it does not change as people come and go
because it was already in existed before they arrived
What is culture - Answers - a learned behavior
How is culture a learned behavior - Answers - either by family or the culture itself
What is culture a sum of - Answers - actions, beliefs, rules, customs, language, and
attitudes
What are you born into - Answers - culture
What do you become a part of - Answers - community
What are the differences in community vs culture - Answers - community
- interaction based
- not learned
- empowers members
- binds members through relationship
- share common interests
What are the differences in culture vs community - Answers - culture
- no interaction required
- learned behavior
- taught by family or acclimation
- common language, customs, rules
- born into it
What does innovation do for firms - Answers - allows them to achieve their mission
(purpose) and vision (where they are going)
What are the 3 types of innovation - Answers - 1. Continuous
2. Incremental (dynamically continuous)
3. Disruptive (discontinuous)
What is continuous innovation - Answers - innovation that requires no change in
consumer behavior or education
What does not change in continuous innovation - Answers - - consumer edu or behavior
VERIFIED ANSWERS
What is a mission statement - Answers - tells stakeholders purpose of organization and
what it represents
What 3 questions does the mission statement answer - Answers - 1. What company
does
2. Who do they do it for
3. How do they do it
What is the length of a mission statement - Answers - it is concise
What is the time period of a mission statement - Answers - short term, 1-3 years
What is a vision statement - Answers - communicates what firm wishes to accomplish
What is the time period of a vision statement - Answers - long term, 2-10 years
What are the 4 pitfalls of writing a vision statement - Answers - 1. Lack of originality
2. Written by one author (lack of povs)
3. Not concise
4. Too internally driven
5 steps to write a vision statement - Answers - 1. Assemble the authors
2. Be concise - accurately write what you want to be accomplished
3. Review the draft by team then edit
4. Seek a second opinion
5. Post the vision for stakeholders to read - helps other to know where firm is going in
future
What are the 4 benefits of great mission and vision statements - Answers - 1. Provides
a common goal
2. Helps in strategic and tactical planning
3. Allows stakeholders to see company purpose and growth potential
4. Drives innovation by aligning the development of G+S with mission and vision
What is community - Answers - a feeling of fellowship
How is community a feeling of fellowship - Answers - by sharing interactions and
relationships
What does community involve - Answers - common attitudes, interests, behaviors, and
goals
, What does community do for its members - Answers - it empowers them
What do members get out of community - Answers - they get out what they put in
What does community represent - Answers - a choice an individual makes
Does community change - Answers - no, it does not change as people come and go
because it was already in existed before they arrived
What is culture - Answers - a learned behavior
How is culture a learned behavior - Answers - either by family or the culture itself
What is culture a sum of - Answers - actions, beliefs, rules, customs, language, and
attitudes
What are you born into - Answers - culture
What do you become a part of - Answers - community
What are the differences in community vs culture - Answers - community
- interaction based
- not learned
- empowers members
- binds members through relationship
- share common interests
What are the differences in culture vs community - Answers - culture
- no interaction required
- learned behavior
- taught by family or acclimation
- common language, customs, rules
- born into it
What does innovation do for firms - Answers - allows them to achieve their mission
(purpose) and vision (where they are going)
What are the 3 types of innovation - Answers - 1. Continuous
2. Incremental (dynamically continuous)
3. Disruptive (discontinuous)
What is continuous innovation - Answers - innovation that requires no change in
consumer behavior or education
What does not change in continuous innovation - Answers - - consumer edu or behavior
