The following statement was published by National Commerce Bank to describe why the company exists: "To lead in the delivery of financial services that meet the evolving needs, exceed the expectations and enhance the lives of our customers, employees and shareholders. This is an example of an organization __________ which defines the reasons for which the firm exists, and is typically developed in the __________ stage of the strategic management process.
A) statement of strategic intent, strategic analysis
B) philosophy of doing business, strategic formulation
C) mission statement, strategic implementation
D) statement of strategic intent, strategic formulation
E) mission statement, strategic formulation

Question

Quizplus · Accepted Answer

The statement provided by National Commerce Bank is an example of a mission statement, which outlines the purpose of the organization and the reasons for its existence. This is typically developed during the strategic formulation stage of the strategic management process, where the organization defines its strategy or direction and makes decisions on allocating its resources to pursue this strategy.

The Following Statement Was Published by National Commerce Bank to Describe