1. The typical risks of a cost leadership strategy include________

a) excessive differentitaion to the point where the customer base is too small

b) production and distribution processes becoming obsolete

c) loss of customer loyalty

d) the inability to balance high differentiation and low price

2. The strategic managment process is__________

a) the full set of commitments, decision, and actions required for the firm to achieve above-average returns and stratgic competiveness

b) a set of activities that will assure a sustainable competitive advantage and above-average return for the firm

c) a process directed by top-managment with input from other stakeholders tht seeks to achieve above-average returns for investors through effective use of the organization's resources

d) a decsion-making activity concerned with a firm's internal resources, capabilities, and competentcies, independent of the conditions in its exterenal environment.