Asked by abigail Gimbert on Jul 08, 2024
Verified
What is the difference between a firm's mission and its strategy?
Firm's Mission
A statement that defines the core purpose, ethos, and direction of a company, often guiding its strategies, decisions, and operations.
Strategy
A plan of action designed to achieve a long-term or overall aim.
- Distinguish between a firm's mission and strategy and understand how they guide organizational decisions.
Verified Answer
PG
Peyton GrahamJul 12, 2024
Final Answer :
A firm's mission is its purpose or rationale for an organization's existence, whereas a firm's strategy is how it expects to achieve its mission and goals.
Learning Objectives
- Distinguish between a firm's mission and strategy and understand how they guide organizational decisions.
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