Highlight the correct answer in Green.

1. The mission statement answers:

A. What is our business?

B. Why our business exists?

C. What is our market position?

D. All of the above

2. The three characteristics of a mission statement include a declaration of attitude, a declaration of product orientation, and

A. HR policy

B. Customer orientation

C. Social welfare policy

D. Economic policy

3. Technological advancements can create --------------- advantages that are more powerful than existing advantages.

A. Cost

B. Profit

C. Competitive

D. Differentiation

4. The process whereby a firm determines the costs associated with organizational activities from purchasing raw materials to manufacturing products to marketing those products is called:

A. Product chain analysis

B. Supply chain analysis

C. Value chain analysis

D. None of the above

5. Burger King opening its first branch in Japan is which type of business strategy?

A. Market development

B. Production strategy

C. Development strategy

D. Diversification strategy