1 - While performing an external environmental analysis how important is it to use all four components and why? Explain your reasoning.

2 - In this week's lesson you learned that the industry environment has a more direct effect on a firm's strategic competitiveness and above-average returns than the general environment. Explain why this is so and discuss ways in which companies can stay abreast of changes that occur in their industry.

3 - Explain the analysis a company must make prior to developing a successful business-level strategy.

4 - Identify one type of business-level strategy and explain how you would use it to increase Above-Average returns in the dairy industry.