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?