Explain the importance of a vision and mission statement.
Answer to relevant QuestionsWhy do you think some chief executive officers fail to use a strategic-management approach to decision making? Would strategic-management concepts and techniques benefit foreign businesses as much as domestic firms? Justify your answer. List four financial and four nonfinancial benefits of a firm engaging in strategic planning. Distinguish between long-range planning and strategic planning. Explain the principal value of a vision and mission statement.
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