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1. What is strategy and why is it important? 2. What are the three tests of a winning strategy? 3. Identify and briefly describe the five most frequently used strategic approaches to achieving a sustainable competitive advantage. Provide example Is the Company's Strategy a Winner? Three tests of a winning strategy: Exhibits good fit with situation. Results in competitive advantage. Promotes superior performance. Basic Strategic Approaches 1 Strategies for Building Competitive Advantage Best-Cost Provider A winning strategy must pass three tests: The fit test. Does it exhibit good fit with the external and internal aspects of the firm's dynamic situation? The competitive advantage test. Is it likely to result in a sustainable competitive advantage? The performance test. Is it producing superior performance, as indicated by the firm's profitability, financial and competitive strengths, and market standing