Answer the following statements true (T) or false (F)
1. The vision statement is an organization's purpose or reason for being, and a company's mission statement is its long-term goal of what it wants to become.
2. Competitive intelligence means gaining information about one's competitors' activities so that you can anticipate their moves and react appropriately. For example, managers gain competitive intelligence by reading business publications, such as the, in order to understand competitors' business plans, goals, and strategies.
3. The managers of a small bakery, Butter & Batter, decided to do a SWOT analysis to study the strengths and weaknesses within the organization and the external environment. A key benefit of conducting a SWOT analysis is being able to better formulate strategies in pursuit of the firm's mission.
4. Organizational threats are an environmental factor that can hinder an organization's ability to achieve a competitive advantage. For example, managers may realize that the government is about to place restrictions on exports, which will limit the company's ability to sell its products overseas (which will in turn greatly reduce its profits).
1. FALSE
The mission statement is an organization's purpose or reason for being, and a company's vision statement is its long-term goal of what it wants to become.
2. TRUE
Practicing competitive intelligence means gaining information about one's competitors' activities so that you can anticipate their moves and react appropriately. If you are a manager, one of your worst nightmares is that a competitor will surprise you with a service or product that will revolutionize the market and force you to play catch-up.
3. TRUE
SWOT analysis should provide a realistic understanding of the organization in relation to its internal and external environments so you can better formulate strategy in pursuit of the firm's mission.
4. TRUE
Organizational threats are environmental factors that hinder an organization's achieving a competitive advantage.
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Fill in the blank(s) with the appropriate word(s).
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What will be an ideal response