05) A strategy is a (n): A) Set of opportunities in the marketplace B) Broad sta
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05) A strategy is a (n): A) Set of opportunities in the marketplace B) Broad statement of purpose. C) Simulation used to test various product line options D) Plan for cost reduction. E) Action plan to achieve the mission. 06) Which of the following resources is important to implement a strategy? A) financial B) physical C) human D) technological E) all of the above 07) Which of the following is NOT part of the life cycle of a product? A) introduction B) development C) growth D) maturity E) decline 08) Short-range forecasts is used to determine: A) Planning for new products. B) Capital expenditures. C) Research and development plans. D) Facility location. E) Job assignments.Explanation / Answer
05. The strategy is an action plan to achieve the mission.
All the companies have strategies in place to achieve their vision and mission, like being the most trusted company in the world, the most profitable company in the industry, etc. All these goals are driven by strategy
06. All the resources listed here are important to implement a strategy
07. Development is not part of the product lifecycle. The other four phases are correct
08. Short-term forecasts are generally used for Job Assignments. All other options, such as new product planning use long-term forecasting techniques and cannot be done in a short time frame.
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