Exam 1 (Chapters 1-5) Business Strategy

What are the means by which long-term objectives will be achieved? 1.) strategies 2.) strengths 3.) weaknesses 4.) policies 5.) opportunities {Ans: 1.) strategies}A differentiation strategy can only be achieved with a large target market. 1.) True 2.) False {Ans: 2.) False}Once an effective strategy is designed, modifications are rarely required. 1.) True 2.) False {Ans: 2.) False}Examination of the strategic groups in an industry provides a firm's executives with a better understanding of their closest rivals, reveals alternative paths to success, and highlights untapped opportunities. 1.) True 2.) False {Ans: 1.) True}Narrow aims designed to provide clear and tangible guidance to employees as they perform their work on a daily basis. 1.) mission statement 2.) goals 3.) policies 4.) by-laws 5.) vision statement {Ans: 2.) goals}A cost leadership strategy can be especially effective when most buyers use the product in the same ways. 1.) True 2.) False {Ans: 1.) True}