1. How can a business-level strategy of (a) low cost and (b) differentiation offer some protection against competitive forces in a company's industry? 2. What is meant by the term value innovation? Can you identify a company not discussed in the text that has established a strong competitive position through value innovation? 3. What investment strategies should be made by: (a) differentiators in a strong competitive position, and (b) differentiators in a weak competitive position, while managing a company's growth through the life cycle? 4. Discuss how companies can use: (a) product differentiation, and (b) capacity control to manage rivalry and increase an industry's profitability