 | Summary Review Questions
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- 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 businesslevel strategy.
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