TRUE or FALSE: Write TRUE if the statement is correct and FALSE if it is not.

A culture of people and team orientation is a good foundation for entities which heavily rely on their human resources. 2. A focus strategy is one based on a broad competitive scope. 3. An internal cost analysis is appropriate for assessing a new ordering filling system that can reduce order lag time. 4. Core competencies must lead to a competitive advantage to the business and the existence of core competencies must be validated continuously. 5. Corporate strategy focuses on the firm's decisions at an operational level. 6. During the maturity stage of the product life cycle, the product is still being "fine-tuned." 7. Exploiting internal linkages involves the assessment of management reliability. 8. If a manufacturing company shows quality customer service by reducing waiting time and warranty service time, it can be described as having superior quality differentiation strategy. 9. In a value chain, marketing and sales are treated as support activities. 10. In applying strategic cost management techniques, cost data is analyzed and used strategically to develop alternate measures to gain sustainable competitive advantages. 11. Increasing the standardization of components tends to make products more difficult to manufacture because a standard component must fit many different uses. 12. Porter's 5 Forces Model focuses on the competitive forces at the industry level. 13. Product development only includes the introduction of new products. 14. Product modification is a technique used to extend the life cycle of a product. 15. Strategic cost management is reactive in nature such that only when changes in the internal and external environment affected its costs would the entity reassess for changes in strategic activities. 16. Strategic decision making is important to achieve good inventory control. 17. Strategic positioning analysis is designed to provide decision-makers with information about both a firm's internal and external environments. 18. The four stages of strategic management in the proper order are formulation, communication, control, and implementation. 19. The generic strategies to obtain a competitive advantage are cost leadership, differentiation and focus. 20. The horizontal forces in Porter's 5 Forces Model are supplier and consumer bargaining powers. 21. The recognition of cost relationships among activities in the value chain and the process of managing these relationships may contribute to a company's competitive advantage. 22. The resource-based view of the firm sees an organization's resources and capabilities as the primary source of its competitive advantage. 23. The vision statement states the purpose of the entity and it should be customer focused than product focused. 24. Traditional cost accounting looks at a long-term time perspective by applying concepts of time value of money. 25. Value chain analysis includes identifying and exploiting internal and external linkages to achieve strong strategic positions