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Summary Review Questions
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  1. Explain why the concept of competitive advantage is central to the study of strategic management.


  2. Briefly describe the three generic strategies—overall cost leadership, differentiation, and focus.


  3. Explain the relationship between the three generic strategies and the five forces that determine the average profitability within an industry.


  4. Describe some of the pitfalls associated with each of the three generic strategies.


  5. Can firms combine the generic strategies of overall cost leadership and differentiation? Why or why not?





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