Chapter 5- Business-Level Strategy-

Answer the following questions:

1. Explain the difference between low-cost and differentiation strategies.
2. Explain how the attainment of a differentiated or low-cost position can give a company a competitive advantage.
3. Explain how a company executes its business-level strategy through function level strategies and organizational arrangements.
4. Describe what is meant by the term value innovation.
5. Discuss the concept of blue ocean strategy, and explain how innovation in business-level strategy can change the competitive game in an industry, giving the innovator a sustained competitive advantage.