1. Explain the strategic implications of Porter's five forces model in determining the average expected profitability in an industry (when the environment is attractive and unattractive from a profit-making standpoint).

2. Describe the concept of strategic groups mapping and explain how it is used to conduct competitor analysis.

3. Explain the mapping of a value chain and how the value chain analysis helps to determine the firm's capabilities to gain a competitive advantage?

4. According to the resource-based view of a firm, describe the four attributes or endowments of a firm's strategic resources needed to attain a sustainable competitive advantage over the firm's competitors.

5. Describe the generic strategies presented by Michael Porter that firms can be used in a two-dimensional framework (competitive advantage and strategic target) to overcome the five forces and attain a competitive advantage.

6. Describe the four basic strategy alternatives that firms could use when faced with the declining stage of the industry life cycle.

7. Explain the difference between horizontal integration and vertical integration and the two approaches to vertical integration giving an example of each.

8. How can companies benefit from (1) related diversification and (2) unrelated diversification?

9. Explain the uses and limitations of portfolio management matrices such as the growth-share matrix developed by the Boston Consulting Group (BCG).

10. Describe the three basic means for which companies can obtain diversification.