please answer all questions with explanations please

QUESTION 1 The concept of competitive strategy developed by Michael Porter identifies two main types of competitive strategies cost leadership and differentiation. O True False QUESTION 2 Cost leadership is a strategy in which a firm outperforms competitors in producing products or services by Producing a new or innovative product or service Producing the highest quality product or service Producing a product or service at or among the lowest cost Producing inferior products or services that can be bought on the cheap QUESTION 3 The differentiation strategy is implemented by creating a perception among consumers that the product or service is unique in some important way, usually by being of higher quality True O False QUESTION 4 This competitive strategy allows the firm to charge higher prices and outperform the competition in profits Cost Leadership Differentiation Neither of these Both of these QUESTION 5 The Balanced Scorecard is an Action Plan to Achieve Competitive Success by Focusing Management Attention Four Key Areas Financial, Customer, Internal Process, and Learning/Innovation True False