The broad statement of what business the company should be in corresponds to which term?

• A. Strategy
• B. Corporate Mission
• C. Vision
• D. Business Plan

Answer: (B)

The broad statement of what business the company should be in is captured by the mission. The mission explains the organization’s purpose and the scope of its activities—essentially, which markets or customer needs the company intends to serve and why it exists. It serves as a guiding compass for decisions and helps keep efforts aligned with where the business should focus in the long run.

This differs from a vision, which is about the aspirational future the company aims to achieve; a strategy, which outlines how the company will compete and win; and a business plan, which details the concrete actions, resources, and milestones to operate day to day.