A firm's _____ guides the development of strategies by different groups within the firm,establishes the context within which daily operating decisions are made,and sets limits on available strategic options.

Question

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A firm's mission statement provides the broad framework and direction for the organization and its strategic choices. It informs and guides the development of strategies by different groups within the firm, establishes the context within which daily operating decisions are made, and sets limits on available strategic options. Values and vision statements can also be important in developing strategic choices, but they do not provide the same level of specific guidance as a well-defined mission statement. Operating directions are more tactical and specific than the broad strategic direction provided by the mission statement.

A Firm's _____ Guides the Development of Strategies by Different