Chapter 3

Question 1

Key Term: A declaration of core values, principles, and philosophy that a company adheres to and promotes in how it deals with its clients and employees

Answer 1

Mission Statement

Question 2

Key Term: A description of an organizations aspirations for its own future and sometimes the future of the larger industry or society that is intended to inspire and motivate members of the organization

Answer 2

Vision Statement

Question 3

Key Term: An approach to strategic planning that assesses external influences to enable a business to become more competitive. The Acronym is made up of the first letters of the four elements: Political, Economic, Social & Technological

Answer 3

PEST analysis

Question 4

Key Term: An approach to strategic planning that assesses the strengths and weaknesses of an organization and threats that face it. The acronym is made up of the first letters of the four elements: Strengths, Weaknesses, Opportunities, and Treats.

Answer 4

SWOT analysis