A goal is a desired result a person or organization envisions and plans to achieve with in a specific period of time. It refers to what one is totally committed to achieve as a business owner. Where one want to be in six months, one year or more.
Objectives are stepping stones which guide one to achieve the goal. They are quantified steps between the current state and the goal.
Setting goal is only the way to the direction a person or an organization wants to move but to achieve its objectives are needed. Therefore these two cannot rest in isolation and needed together for an organizational success.
Mission statements are also called 'Customer Charters'. Mission statement is the first step towards making any organization. A mission statement serves as a guide for day to day operations and acts as the foundation for future decision making.
Customers are most important people for any organization. Success of any company depends on them. All strategies, rules, policies or procedures should be made such a way that the emphasis should be on consumers. Mission statement is also not an exception. It is better for a company to design mission statements in such that the customers feel attached to it. It must not be the case for all organization like a political party, who are not consumer focused. But any company that is offering products and services directly to the consumers should emphasis on the consumer and hence can have a mission statement that is consumer focused.
Dunkin Donuts' was facing severe competition from Krispy Kreme and Starbucks. Its business was declining. The attempt to reverse the declining business as quickly as possible is called turnaround strategy.
Thus the correct option is c
In growth strategy company focuses on increasing size. This was not the focus of Dunkin Donut in mid-2000s. So option 'a' is not correct.
In stability strategy a company attempts to maintain its present size. But in mid-2000s Dunkin Donut's strategy was to attack competitors rather than defending itself. So option 'b' is not correct.
In retrenchment strategy company liquidates non-performing assets. But Dunkin Donut did not liquidate any of its product lines, rather added more products in the product line. So, option 'd' is not correct.