Which of the following statement(s) is/are True?

Statement I : Trend-conscious strategy addresses the question of how a firm will compete in a particular industry.

Statement II: A firm focusing on cost leadership will have the same value chain configuration than a firm whose strategy focuses on differentiation.

It necessarily involves the provision of distinct characteristics that meet the needs of a specific sector.

It refers to target a small market when price-based competition is needed. 

These attempts to cater to broad audiences can be contrasted with tactics that focus on a small number of potential customers.

It's a broad term used to describe how a business fits into its industry.