15. The statement that there is always a trade-off between high-quality and low cost: a. Does not make sense b. Is a myth c. Is true, especially in high technology industries d. Makes sense only for slow-changing industries 16. The examples of Ikea and Southwest Airlines illustrate: a. The power of brand as a factor of success b. The quality of the top management of these firms c. The luck these two firms have benefited from d. The unique brand image of low-price and no-frills in their marketing strategy Chapter 8: Industry Evolution and Strategic Change 17. The faster a firm can respond to the changes that occur in its market, the more important it is that it is able forecast these changes in advance. True or False? 18. The industry life cycle follows similar phases as the product life cycle. True or False? 19. Over time, industry life cycles have become increasingly compressed True or False? 20. If a firm focuses closely on meeting the needs of its customers, it is unlikely to be blindsided by disruptive innovation