1. Companies that are effective at developing and implementing an effective strategy gain a sustainable competitive advantage. For a company focused on differentiation (that has a sustainable competitive advantage), what advantages would they have over competitors. Use examples to explain.

2. Strategic management includes strategy formulation and strategy implementation. Briefly describe in your words what these mean. Which is more important and why? Name one activity or step you would take in strategy formulation.

3. Strategic groups pursue a similar strategy. They have similar offers and value they offer to customers (e.g. product, pricing, distribution, offers, quality level, service level). Describe two different strategic groups in the Airline industry?

4. When we conduct an environmental scan competition is almost always a topic of assessment. Michael Porter developed a model to help us look at competition. What is the model called and when applied what does the model tell us about the state of competition?

5. Functional strategies (chapter 4) can help a company in many ways to implement strategies. How does Marketing enable a company to be more efficient and profitable by keeping costs lowered.

6. What are the main differences between a low cost strategy and a differentiation strategy?

7. What do we mean by the term value innovation?

answer these questions in your own words do not copy anything from the internet. total words 1000