AFI framework refers to

Strategy is best described as a set of goal-directed actions a firm takes to gain and sustain______.

Question options:

	its position as a trend leader.
	its influence over consumers.
	high profits.
	superior performance relative to it's competitors

The word Strategy originally means

Question options:

	The art of the general
	The art of business
	To provide high level vision.
	To achieve goals.

Competitive advantage is absolute.

Question options:

	True
	False

Stakeholders of Tate's bake shop, a Long Island bakery include (check all that apply)

Question options:

	employees
	stockholders
	customers purchasing the product from overseas in Asia
	competitors

A vision describes in broad, inspirational terms what an organization hopes to accomplish in the future.

Question options:

	True
	False

A mission describes how a firm will accomplish the broad goals set out in a vision statement.

Question options:

	True
	False

Which of the following are not a strategy?

Question options:

	Our strategy is to win.
	Failing to face competitive challenges.
	Firm's efforts to gain and sustain a competitive advantage.
	To have the largest audience in the world.

Economies of scale refers to savings gained by producing two or more distinct goods, when the cost of doing so is less than that of producing each separately while economies of scope refers to decreases in cost per unit as output increases.

Question options:

	True
	False