Traditionally companies have defined their business in product terms or in technological terms however mission statements should be all of the following EXCEPT ?
Correct answer: B. a statement of religion
- A. market oriented
- B. a statement of religion
- C. motivating
- D. based on distinctive competencies
Explanation
A good mission statement is market-oriented, motivating and grounded in the organization’s distinctive competencies. It should describe the business purpose, not be a statement of religion.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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