Definition of industry

Which of the following is the definition of Competitive Advantage?

1. Difference between a companys offering and that of its competitors.
2. Concise statement of the benefits offered by a product or service.
3. A companys inability to effectively compete with their competitors.
4. The extent to which a firm achieves a higher-than-average level of profitability.

According to Michael Porter, which of the following is true about Strategy and Operational Effectiveness? (Please choose the best answer)

1. Operational Effectiveness is not necessary for a firm to achieve competitive advantage.

2. All of the available answer options are true.

3. Strategy is a set of tradeoffs that enable a firm to compete, while Operational Effectiveness refers to efficiency in performing activities also performed by other firms.

4. Strategy can be more easily imitated than Operational Effectiveness.