1) Explain the commonality between mission statement and vision statements and suggest how the identified common feature will contribute to organizational performance. (within 200 words)

2) To work toward achieving missions and visions, organizations need to create goals. The effective goals are those that are specific, measurable, achievable, relevant and time-bound. Which of the following does not meet the requirements for effective goals?

a. An auto-part manufacturer aims to achieve 10% annual increase in energy efficiency and track the progress relative to its 10% target.

b. An auto-part manufacturer pursues challenging but attainable goals like 25% improvement in energy efficiency rather than 1% or 200% improvement.

c. An auto-part manufacturer seeks to improve a total of 25% improvement in energy efficiency by 2025.

d. An auto-part manufacturer aims to encourage employees to do various attempts for energy efficiency over the next 2 or 3 years.

3) Which of the following financial ratios best measures a company's financial flexibility for paying off debts at any time? Refer to Session 2.3: Assessing Organizational Performance in your textbook.

a. Inventory turnover

b. Asset turnover

c. Return on asset

d. Quick ratio

4) Which of the following is NOT the five dimensions of entrepreneurship orientation?

a. Satisfaction

b. Risk-taking

c. Innovativeness

d. Aggressiveness

e. Autonomy

5) All of the following are the example of firms following a blue ocean strategy except for

a. Coffee shops were once the domain of old men, insomniacs, and chain-smoking urban hipsters. By reinventing coffee shops, Starbucks made the $4 latte a must-have item for college students, business people, and moms.

b. The interactive features of Nintendo's Wii transformed playing video games from a hobby for the hardcore gamers into a treasured family event.

c. General motors diversified its suppliers to reduce the dependence on a specific supplier and increase its bargaining power.

d. Callaway's creation of the Big Bertha club with an oversized head made golf appealing to a whole new set of weekend less skilled players.