Question 1: All of the following are commonly found in a well-constructed business plan, except for:

a. The Mission statement

b. The Strategy

c. The Acquisition Plan

d. Objectives

e. Tactical or implementation plans

Question 2: All of the following represent generic business strategies except for:

a. Cost leadership

b. Differentiation

c. Focus

d. Market segmentation

e. A and D

Question 3: Which of the following best defines market segmentation?

a. The identification of customers with common characteristics and needs

b. The identification of customers with heterogeneous characteristics and needs

c. The grouping of customers with different characteristics

d. The process of reducing large markets into smaller markets without regard to customer characteristics

e. The process of identifying the various markets that comprise an industry without regard to customer characteristics

Question 4: Determining in which markets a firm should compete requires management to consider which of the following factors?

a. Determining the needs of a firm