1.	Any management team must understand how it creates value for its customers and decide how to accomplish this goal better than all its competitors. This is a decision about _______. For exciting new products and products with no substitutes, consumers are willing to pay a premium price. Focusing on inventing and commercializing products with unique attributes is a _______ (or _______) strategy.
2.	For most mass-produced products sold by many competitors, consumers readily find substitutes. _______ is the alternative strategy that improves profitability and ROI through _______ and _______. Usually this means the management team will work on increasing the quantity of output using the same capacity. The fixed cost per unit produced will decrease, and, if price is fixed, then profit will increase. Often cost leadership (or reduction) is achieved by _______ the production process. Growth can also be achieved by producing similar but not identical products, and this is _______ growth that provides economies of scope.
3.	Competitive advantage is identified by a resource or set of resources available to a company that enable it to execute its business activities more profitably than other competitors. Management teams must align the choice of strategy with the competitive advantage to implement a strategy well. The resources that provide competitive advantage are called _______.
4.	To obtain feedback on how successful the implementation of strategy is, _______ is often used, which is the foundation of more technologically intensive _______ systems. These require refined cost reporting systems. The balanced scorecard measures success from _______. The balanced scorecard approach provides a more detailed basis upon which to evaluate the success of implementation of strategy.