Answer the following Review Questions:

1. Explain why the concept of competitive advantage is central to the study of strategic management.

2. What are some of the ways in which a firm can attain a successful turnaround strategy?

3. Explain the relationship between the three generic strategies and the five forces that determine the average profitability within an industry.

4. Discuss how managers can create value for their firm through diversification efforts.

5. What are some of the important ways in which a firm can restructure a business?

6. Briefly describe the three types of entrepreneurial entry strategies: pioneering, imitative, and adaptive.

7. Explain how the combination of opportunities, resources, and entrepreneurs helps determine the character and strategic direction of an entrepreneurial firm.

8. What does the term competitive dynamics mean?

9. Explain the difference between strategic actions and tactical actions and provide examples of each.