1. Strategy incorporates two levels corporate level strategy and business level strategy. Which of these statements is not a consideration for a business when developing a corporate level strategy? a. Deciding what industry the business should be in. b. Developing a mission statement for the business. c. Developing a Product differentiation strategy for the business 01. Deciding on whether to diversify the business into other industries or offer new products. 2. According to Womack and Jones's lean thinking model, Step 3 of their model 'to enable a continuous one-piece flow through all value chain activities', closely relates to which lean thinking initiative? a. Just in time b. Throughput Costing c. Total Quality Management d. Theory of Constraints 3. Buderim Ginger are concerned that due to COVID-19 and travel restrictions in place, 'The Ginger Factory' may need to close to tourists and there may be a requirement to refund those customers who have prepaid for their tickets. What type of risk would classify this situation to be? a. Strategic and operational b. Operational and financial c. legal and regulatory and operational d. Strategic and financial