Final answer:
The phrase given is an example of a nonfinancial strategic objective, which is a goal that emphasizes the company's market positioning and customer relationship rather than quantifiable financial targets. It is neither a financial strategic objective, a vision statement, nor a mission statement.
Option 'a' is the correct.
Step-by-step explanation:
The statement "We want to be the top-ranked supplier to our customers." is an example of a nonfinancial strategic objective. This type of objective focuses on the company's goals that aren't directly related to financial metrics such as revenue or return on investment but are instead related to the company's position in the market, its relationship with its customers, and its overall reputation. It's important to understand the difference between this and other terms presented in the choices.
Financial vs. Nonfinancial Objectives
Financial objectives typically concern metrics like sales targets, profitability, and market capitalization. On the other hand, nonfinancial objectives, like being the top-ranked supplier, focus on elements such as customer satisfaction, market share, brand loyalty, and product quality.
Vision Statement vs. Mission Statement
A vision statement articulates the long-term aspirations of a company, where it sees itself in the future, and what it hopes to achieve on a larger scale.
A mission statement, meanwhile, outlines the company's purpose, including its primary functions, its target market, and its approach to reaching those goals. The given phrase is more specific and operational than what you would typically find in either a vision or a mission statement, so it doesn't fit well with these options.