 | Summary Review Questions
(See related pages)
- Explain why the concept of competitive advantage is
central to the study of strategic management.
- Briefly describe the three generic strategies—overall
cost leadership, differentiation, and focus.
- Explain the relationship between the three generic
strategies and the five forces that determine the average
profitability within an industry.
- What are some of the ways in which a firm can attain
a successful turnaround strategy?
- Describe some of the pitfalls associated with each of
the three generic strategies.
- Can firms combine the generic strategies of overall
cost leadership and differentiation? Why or why not?
- Explain why the industry life cycle concept is an important
factor in determining a firm's business-level strategy.
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