Final answer:
The answer to this question is b. vision. A vision is a picture of what a firm wants to be and what it wants to achieve. It sets the strategic objectives and inspires employees.
Step-by-step explanation:
A vision is the picture of what a firm wants to be and the broad goals it wants to achieve. It provides direction and sets the overall strategic objectives for the organization. It helps to inspire and motivate employees and stakeholders towards a common goal.
For example, a software company's vision might be to revolutionize the way people communicate by developing innovative tools and platforms. This vision guides the company's decisions and actions to create products that align with this goal.
A mission, on the other hand, refers to the purpose or reason for the firm's existence. It is a statement that defines the fundamental reason for the organization's existence and its values. While a vision focuses on the future, a mission focuses on the present.