A firm in the process of developing a ________ ________ might ask these questions: What is our business? Who is our customer? What is our value to the customer? and What should our business be?

Mission Statement

A concise declaration of an organization's core purpose and focus that informs its strategies and decision-making.

Business Directive

A formal instruction or policy issued by a company's upper management outlining goals, strategies, or actions to be taken by the organization.

Customer Value

The perceived benefits, both monetary and nonmonetary, that a customer receives from a product compared with the cost of obtaining it.