Question: 1. Explain the resource based view of the firm and how it is used to identify sustainable competitive advantage.

2. Define business strategy and explain 4 key elements of business strategy.

3. Explain sustainable competitive advantage, and discuss 4 generic paths to achieving sustainable competitive advantage?

4. Discuss 5 key trends in strategic market management.

5. Explain 4 major advantages of strategic market management.

6. Explain the 3 major components of strategic analysis.

7. Discuss the 4 components of external analysis.

8. Discuss the factors for creating a vision for the business.

9. Discuss criteria for strategy selection.

10. Define external analysis and explain its role in determining strategic decisions.

11. How often should external analysis be conducted and why?

12. Discuss the major elements of customer analysis.

13. Explain customer segmentation and discuss 4 ways to segment customers.

14. Discuss the 2 major approaches to identifying competitors.

15. Define strategic groups and explain the 3 major factors creating a strategic group.

16. Explain 5 major sources of potential competitors.

17. Discuss 5 characteristics of competitors that should be analyzed.

18. Explain market analysis and discuss 4 major components of market analysis.

19. Discuss 4 factors that indicate market maturity and decline.

20. Discuss market profitability analysis (sometimes called 5 Forces Analysis or Industry Analysis).

21. Explain the 3 major risks of high growth markets.