1. Explain what strategy is and its role in a firm's pursuit for Competitive Advantage. 2. Describe competitive advantage, sustainable competitive advantage, competitive disadvantage and competitive parity. 3. Explain the role of firm efforts and industry circumstances in determining and assessing the firm's performance. 4. What are the significant benefits of applying strategy? 5. Explain what the limitations of strategy. 6. Decide how strategy differs from an objective of the firm. 7. Explain the paradigm of the "SMART" formula of pursuing an objective such as (a) Specific (b) Measurable (c) Achievable (d) Relevant (e) Time-based 8. Illustrate how strategy relates to objective