7. Industry overcapacity and increased cost cutting characterize which stage of the industry life cycle? A. Growth B. Shakeout. C. Maturity. 8. Which of the following is least likely a significant external influence on industry growth A. Social influences. B. Macroeconomic factors. C. Supplier bargaining power. 9. Which of the following is least likely an element of an industry strategic analysis? A. Market correlations. B. Demographic influences. C. Influence of industry capacity on pricing. 10. Which of the following best describes a low-cost competitive strategy? A. Volume sold is typically modest. B. Managerial incentives promote operational efficiency. C. Success depends heavily on creative marketing and product development