21. Corporate strategy to be successful needs challenging objectives, definition of both short and long term objectives, support by all levels of management and complete organizational commitment.

a. true

b. false

22. In the development and execution of corporate strategy which of the following is not a governance role of the Board of Directors?

a. evaluate performance of senior management

b. define parameters of company compensation plan

c. oversee corporate financial accounting and reporting

d. union negotiations

23. Which of the following is not considered a "competitive force" industry participants face?

a. substitute products

b. supplier consolidation

c. competition amongst sellers

d. potential new entrants to industry

e. international trade agreements