Which of the following statements is CORRECT?
A) Once a firm has defined its purpose,scope,and objectives,it must develop a strategy or strategies for achieving its goals.The statement of corporate strategies sets forth detailed plans rather than broad approaches for achieving a firm's goals.
B) A firm's corporate purpose states the general philosophy of the business and provides managers with specific operational objectives.
C) Operating plans provide management with detailed implementation guidance,consistent with the corporate strategy,to help meet the corporate objectives.These operating plans can be developed for any time horizon,but many companies use a 5-year horizon.
D) A firm's mission statement defines its lines of business and geographic area of operations.
E) The corporate scope is a condensed version of the entire set of strategic plans.

Question

Quizplus · Accepted Answer

Operating plans provide specific guidance for achieving the corporate objectives and are developed for a specific time horizon, often 5 years. The statement of corporate strategies sets forth broad approaches for achieving a firm's goals and is not detailed plans. The corporate purpose states the general philosophy of the business but does not provide specific operational objectives. The mission statement defines what the firm does and where it operates, while the corporate scope is the overall range of the firm's activities.

Which of the Following Statements Is CORRECT