68 Cyr Mulle mie 1. The strategic approach to management requires integrative thinking, ie, the ability to identify and solve problems: a from a cross-functional view. c. quickly and decisively without using accounting data. d. under considerable stress. 2. Fims have responded to the recent changes in business in all but which one of the following ways? 2 downsizing the workforce b. developing smaller structures 6. Outsourcing service functions d promoting more effective policies 3. The competitive strategy in which the firm succeeds by producing at the lowest cost in the industry is termed: a differentiation c. price strategy b. cost advantage d. cost leadership 4. The competitive strategy in which the firm succeeds by developing and maintaining a unique value for the product, as perceived by the customers is termed: a. differentiation c. price strategy b. cost advantage d. cost leadership 5. Skills or competencies that the firm employs especially well are called a critical skills C. essential strategies. d. competitive factors. b. core competencies accounting systems a. Information of a record keeping nature b. reported financial information reported nonfinancial information 4. Information that address the strategic objectives of the firm vale activities b. conversion activities c. production activities d. production activities 6. Which one of the following describes the type of information that can management must provide that is not provided by traditional 7. Atities that fos in the industry must perform in the process of Taw material and converting it into final product are known as