- 1 Marks
BMIS – L1 – SA – Q5.2 – Introduction to business strategy
Question
A company might express the essential purpose of its existence in:
A its strategic plan
B a mission statement
C its corporate objectives
D a position audit
Answer
B
Explanation:
A mission statement formally articulates the essential purpose of an organization’s existence, outlining its core values and reason for being. The answer document specifies that a mission statement is a formal statement of purpose, distinct from corporate goals or objectives (C), which focus on specific targets like maximizing shareholder wealth. Option A (strategic plan) outlines actions and goals, not purpose, while D (position audit) assesses current status, not purpose.
- Tags: business purpose, Corporate objectives, Mission Statement
- Level: Level 1
- Uploader: Samuel Duah