Question :

1. What is marketing? What is marketing strategy? Explain.

2. Explain why it is important for a company to have a defined mission? Why is the development of a personal mission or purpose important for an individual?

3. Why is it important to understand the external environment in order to think strategicaly.

4. Discuss why superior efficiency is important and the many ways that different parts of the organization can help achieve it.

5. Using the industry life-cycle model, explain how the threats and opportunities for existing firms in an industry change over time.

6. Describe how business-level strategies give a company a competitive advantage over actual and potential rivals.

7. Identify and describe the four building blocks of competitive advantage. Provide an example of each using a real company situation.

8. Give one example of a firm that has achieved a distinctive competency in efficiency and describe that competency. Now, an example of a firm with a distinctive competency in quality, innovation, and responsiveness to customers.

9. Explain how tangible and intangible resources and capabilities can lead to distinctive competencies. Give specific examples.

10. Select at least three of the cognitive biases that individual decision makers experience. Then describe the bias and a real or hypothetical situation for each of them, explaining how the bias is evident in the situation.