1. Competitive advantage is a key term when discussing strategy formulations. However, what does the term actually mean? 1 point When firms have a larger market share than their competitors. When firms have higher profit margins their competitors. When firms have a tendency of failing in the market, but continuously strive to become better. O When firms have certain attributes allowing them to outperform their competitors 2 . 1 point What are some typical characteristics of good strategies? O Simple, consistent and have long-term goals.complex ariu nighlly veldlieu rudurflaps for future endeavours Month-to-month description of what every employee should do. 1 point Essentially, strategy formulation boils down to answering two basic questions. What are these? "What is the meaning of life" and "Where should we compete" "Where should we compete" and "How do we imitate whatever the market leader is doing" "How do we develop best-selling products" and "Where should we compete" O Where should we compete" and "How should we compete" "Why should we compete" and "How should we compete" 4. The SWOT framework is often used in strategy formulation. However, what is SWOT an abbreviation for? 1 point Special Weapons Or Tactics Strengths Weaknesses Opportunities Threats Strategizing With Other Teams Strong Winners Often Trip Serious Waste Of Time