True or False

1. It is critical for a new business to conserve its resources and focus on areas that have the potential to maximize the firm's success.

2. One example of a key tangible asset is a strong working relationship with a vendor.

3. The mission of a business needs to be actionable, which means to provide employees with the information they need to make decisions.

4. Michael Porter describes a low-cost strategy as a company seeking to be the lowest-cost firm in the industry.