Chapter 7 Long-Term Objectives and Strategies 1. Discuss seven different topics for long-term corporate objectives These topics are important to ensure that there can be identification of objectives to be used for being successful in the long-term. These topics can make individuals understand the difference between short-term and long-erm corporate objectives. The objectives for the long-term will always be important to ensure that there can be enhancement of probability of operational as well as managerial success. 2. Describe the five qualities of long-term corporate objectives that make them useful to strategic managers These qualities will always be important to ensure that strategic managers can implement objectives in the long-term by aligning operational tasks and managerial tasks accordingly. There has to be understandable objectives designed so that every team member can understand every objective and work efficiently. 3. Explain the generic strategies of low-cost leadership, differentiation, and focus The generic strategies are important to understand to ensure that there can be proper strategies chosen by organizations to implement. There can be one or more than one strategy chosen by an organization to ensure that profits can be obtained. Customer-loyalty can also be obtained by ensuring that proper strategies are chosen and implemented in the best possible way. If one strategy fails, there can be switching to another strategy depending upon the capacity of the resources of the organization. Low-cost leadership can be difficult to obtain with a motive of earning high percentage of profits.