1-if a company wants to gain a competitive advantage in a highly competitive industry, it should ideally

1. execute an integrated cost-leadership and differentiation position.

2. provide goods or services similar to its competitors at higher prices.

3. stake out a unique position within the industry.

4. copy the strategies of other firms through competitive benchmarking.

Which of the following forces tends to be more important in determining a firm's performance?

1. the entry barriers in the industry

2. the number and size of other firms in the industry

3. the actions of managers within the firm

4. the underlying economic structure