Participation Questions.

-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.

-Discuss how managers can create value for their firm through diversification efforts.

-What are some of the reasons that many diversification efforts fail to achieve desired outcomes?

-How can companies benefit from related diversification? Unrelated diversification? What are some of the key concepts that can explain such success?

-What are some of the advantages and disadvantages associated with a firm's expansion into international markets?

-What are the four factors described in Porter's diamond of national advantage? How do the four factors explain why some industries in a given country are more successful than others?

-There are four basic strategies-international, global, multidomestic, and transnational. What are the advantages and disadvantages associated with each?