The net benefi t of a choice is a. the benefi t of the choice plus the cost of thechoice. b. the benefi t of the choice minus the cost of thechoice. c. the benefi t of the choice times the cost of thechoice. d. the benefi t of the choice divided by the cost ofthe choice.
CH 2 CHARTING A COMPANY’S DIRECTION: Its Vision, Mission, Objectives, and Strategy What does the strategy-making, strategy-executing process entail 1. Developing a strategic vision, a mission statement, and a set of core values. Strategic vision describes “where we are going” management’s aspirations for the company and the course direction charted to achieve them o Delineates management’s future aspirations for the firm to its stakeholders. Mission statement: “who we are, what we do, and why we are here.” o Uses specific language to give the firm its own unique identity. o Describes the firm’s current business and purpose A company’s core values are the be