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

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

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

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’s current customers only

b. Determining the needs of a firm’s potential customers only

c. Determining the needs of current and potential customers, as well as suppliers

d. Determining the needs of potential suppliers only

e. A and D only

5. Determining how a firm should compete in its selected markets requires a firm’s management to consider which of the following factors? 

a. Its internal capabilities to successfully competing in its targeted markets

b. An external market analysis highlighting potential changes in its targeted markets

c. An evaluation of what criteria customers use to make buying decisions

d. Availability of substitute product

e. All of the above