Question

Which of these takes the "why" of a vision statement and gives a broad description of how the firm will try to make its vision a reality?

a) Mission Statement
b) Strategic Plan
c) Core Values
d) Business Model

Answer 1

The component that gives a broad description of how a company will make its vision a reality is the Mission Statement. It provides the purposes and approaches of the company extending from the vision statement.

Step-by-step explanation:

The component of a company's strategic conception that takes the "why" of a vision statement and gives a broad description of how the firm will try to make its vision a reality is the Mission Statement. A vision statement is a forward-looking declaration of the company's purpose and aspirational goals. In contrast, the mission statement expands on the vision by outlining the purposes, objectives, and operational approaches of the company. It lays out the company's approach to achieving these visions in a broad way. While strategic plans, core values, and business models are also crucial elements of a company's guiding framework, it is the mission statement that fundamentally addresses the question of how a company intends to execute its vision.