1. Companies that are effective at developing and implementingan effective strategy gain a sustainable competitive advantage. Fora company focused on differentiation (that has a sustainablecompetitive advantage), what advantages would they have overcompetitors. Use examples to explain.
2. Strategic management includes strategy formulation andstrategy implementation. Briefly describe in your words what thesemean. Which is more important and why? Name one activity or stepyou would take in strategy formulation.
3. Strategic groups pursue a similar strategy. They have similaroffers and “value” they offer to customers (e.g. product, pricing,distribution, offers, quality level, service level). Describe twodifferent strategic groups in the Airline industry?
4. When we conduct an environmental scan competition is almostalways a topic of assessment. Michael Porter developed a model tohelp us look at competition. What is the model called and whenapplied what does the model tell us about the state ofcompetition?
5. Functional strategies (chapter 4) can help a company in manyways to implement strategies. How does Marketing enable a companyto be more efficient and profitable by keeping costs lowered.
6. What are the main differencesbetween a low cost strategy and a differentiation strategy?
7. What do we mean by the term valueinnovation?
answer these questions in your ownwords do not copy anything from the internet. total words 1000