Aspects of Strategy Must Be Communicated to External Constituencies, Such

question 12

True/False

Aspects of strategy must be communicated to external constituencies, such as suppliers, because they play a critical role in strategic implementation.

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Definitions:

Inputs

Inputs are the resources such as labor, materials, and capital that are used in the production process to create goods and services.

Industry Entry

The process by which a new competitor or business enters into an industry, facing various barriers such as high startup costs, regulatory requirements, and competition.

Short Run

A period of time during which at least one of a firm's inputs is fixed and cannot be changed.

Normal Return

The minimum profit necessary to keep a company in business, equating to the opportunity cost of capital.