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Question 1
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A business-level strategy is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage in specific product markets.

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Question 2
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Every firm uses all levels of strategy: corporate, acquisition and restructuring, international and cooperative.

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Question 3
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When selecting a business-level strategy, the firm determines who will be served, what customer needs will be satisfied, and how those needs will be satisfied.

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Question 4
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Global competition has increased the options for consumers and has made it more imperative for firms to identify the needs of customers to earn above-average returns.

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Question 5
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Effective use of the generic business strategies allows a firm to favorably position itself relative to the five forces.

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Question 6
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Almost any identifiable human or organizational characteristic can be used to subdivide a market into segments that differ from one another on a given characteristic.

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Question 7
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The generalized forms of value that goods and services provide are either low cost with acceptable features or highly differentiated features with acceptable cost.

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Question 8
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Changing consumer needs are illustrated by Starbucks' enabling consumers to have an experience and design their own drinks rather than just a cup of coffee.

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Question 9
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Companies without core competencies in their value chain activities and support functions are still able to successfully implement either a cost leadership or a differentiation strategy, although they cannot implement an integrated cost leadership/differentiation strategy.

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Question 10
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To position itself differently from competitors, a firm must decide to either perform activities differently or to perform different activities.

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Question 11
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Southwest Airlines' tightly integrated activities make its cost leadership strategy more vulnerable to imitation than if its activities were loosely integrated.

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Question 12
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The key to Southwest Airlines' success has been its ability to continuously reduce costs while providing customers with superior levels of differentiation, such as an engaging culture.

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Question 13
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Strategic fit among the many activities in the value chain is critical for competitive advantage because it is more difficult for a competitor to match a configuration of integrated activities than to imitate a particular activity, such as sales promotion or a process technology.

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Question 14
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The difference between the cost leadership and differentiation business-level strategies, and the focused cost leadership and focused differentiation strategies, are their basis for customer value.

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Question 15
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The integrated cost leadership/differentiation strategy is superior to the other business-level strategies.

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Question 16
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The best of the generic business strategies is the integrated cost leadership/differentiation strategy.

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Question 17
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Low-cost leaders usually concentrate on the value chain activities of inbound logistics and outbound logistics as a means to reduce costs.

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Question 18
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Firms implementing cost leadership strategies often sell no-frills standardized goods or services (but with competitive levels of differentiation) to the industry's most typical customers.

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Question 19
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A low-cost position in the industry is not a valuable defense against rivals when competing on the basis of price.

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Question 20
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Walmart's change in strategy to attract more upscale customers will likely succeed because cost leaders are good at differentiating.

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