Define competitive advantage, sustainable competitive advantage, competitive disadvantage, and competitive parity. Define strategy and explain its role in a firm's quest for competitive advantage. Explain the role of firm effects and industry effects in determining firm performance. Describe the role of corporate, business, and functional managers in strategy formulation and implementation. Outline how business models put strategy into action. Describe and assess the opportunities and challenges managers face in the 21st century. Critically evaluate the role that different stakeholders play in the firm's quest for competitive advantage.