1. Explain the difference between a low-cost strategy, a best-cost strategy, and being stuck in the middle.

1. Describe the strategy of striving to be the industry's overall low-cost provider. What does a company have to do to achieve low-cost provider status?

1. Identify and briefly describe five common barriers to entering an industry.

1. In the 5 Forces model, list 3 factors that increase the intensity of competition between rival businesses.

1. What is corporate governance and describe the role that the board of directors plays in supporting corporate governance?

What are some of the strategic advantages of being a first mover in an industry? What are the advantages of being a fast follower (copycat)?