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Cost management has moved from a traditional role of product costing and operational control to a broader strategic focus, which places an emphasis on: Strategic thinking. In the current business environment, companies cannot survive without a long-term strategy. What exactly should an effective strategy include? A clear, concise mission statement, naming every product and outlining the company's long-term goals of success. Which of the following most accurately describes what is included in cost management information? A combination of financial cost information and relevant non-financial information. The competitive strategy in which the firm succeeds by developing and maintaining a unique value for the product, as perceived by the customer, is termed Differentiation. A firm succeeds on its ability to deliver products to customers more quickly than rival companies in its industry. This skill is an example of the firm's: Core competency. The balanced scorecard: Fails to reflect environmental and social effects of the firm's operations. Which of the following does not represent a possible opportunity for a manufacturing firm as a part of SWOT analysis? Changes in regulation of the industry. In order to remain competitive in the contemporary business environment, several firms have started training their employees to stop viewing problems as strictly functional -- a marketing problem, or an accounting problem, for example. What does this trend illustrate about strategic management? There has been a renewed emphasis on integrative thinking and solving problems crossfunctionally. In SWOT analysis, strengths and weaknesses are most easily identified by looking: