QUESTION 11 Check ALL that apply (and only those that apply) The industry and business environment is not static. Changes, large and small occur every day. As a consequence: A company should pay close attention to what their competitors are doing. A company must follow it's long-term strategy and not change it for at least 8 years in order to be profitable. A company must use Porter's 5 Forces to analyze the industry when entering it; and then switch to VRIO analysis once it enters the industry. A company needs to do business analyses on a regular basis. QUESTION 12 Check ALL that apply (and only those that apply). A way companies gain competitive advantage through differentiating their products is: High levels of customer service Multiple delivery options Excellent designs New products offered regularly