After reading this chapter, you should have a good understanding of:
5-1 The central role of competitive advantage in the study of strategic management and the three generic strategies: overall cost leadership, differentiation, and focus.
5-2 How the successful attainment of generic strategies can improve the firm’s relative power vis-à-vis the five forces that determine an industry’s average profitability.
5-3 The pitfalls managers must avoid in striving to attain generic strategies.
5-4 How firms can effectively combine the generic strategies of overall cost leadership and differentiation.
5-5 What factors determine the sustainability of a firm’s competitive advantage.
5-6 The importance of considering the industry life cycle to determine a firm’s business-level strategy and its relative emphasis on functional area strategies and value-creating activities.
5-7 The need for turnaround strategies that enable a firm to reposition its competitive position in an industry.
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