Business Plan Project Workbook

Chapter 4: Vision and Mission Statements

Key Terms


vision statement  A declaration of the scope and purpose of a company
(See page(s) 39)
mission statement  A declaration of the specific aspirations of a company
(See page(s) 39)
guiding principles  The primary direction and core values by which a company functions
(See page(s) 39)
external environment  Circumstances that are outside the company’s control
(See page(s) 39)
organizational culture  The shared values, beliefs, and behaviors of the company
(See page(s) 39)
behavioral norms  The rules of conduct of a group
(See page(s) 40)
competitive advantage  A condition that enables a company to operate more efficiently than other companies
(See page(s) 42)
innovate  To introduce a new idea
(See page(s) 42)
quantum improvements  Sudden and dramatic changes for the better
(See page(s) 42)
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