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Answer the following questions: 1. How does a company determine and implement its mission? 2. How have firms responded to changes in business? 3. Contrast the use of strategic financial measures with use of strategic nonfinancial measures. 4. What are some of the factors in the contemporary business environment that are causing changes in business firms and other organization, and how are the changes affecting the way those firms and organizations use cost management information? 5. What are the implications of strategic analysis for cost management? 6. The competitive environment for both manufacturing and service companies has become far more challenging and demanding in the last 25 years. Discuss the changes in competition and in the nature and type of the new requirements for management accounting information. 7. Explain how a customer focus can result in increased profits for a company. 8. In most organizations, customer satisfaction is one of the top priorities. As such, attention to customers is necessary for success. Briefly describe the four types of demands customers are currently placing on organizational performance. Problem 1 Jim Castelo's lifelong hobby has been racing small sailboats. Jim has been successful both at the sport and in the design of new pieces of equipment to be used on small sailboats to make them easier to sail and more effective in racing. Jim is now thinking about starting a mail-order business in his garage to sell products he favors, as well as some he has designed himself. He plans to contract out most of the manufacturing for the parts and equipment to machine shops and other small manufacturers in his area. Required: Develop a strategic analysis for Jim's new business plan. What should be his competitive position; that is, how should he choose to compete in the existing market for sailboat supplies and equipment? How is he likely to use cost management information in building his business