1. a. Describe what is means to have a competitive advantage – give an example. 1. b. Describe why the concept of above-average returns is important – give examples 1. c. What is the strategic difference between an I/O model company and resource-based model- give examples? 2. a. Describe (with examples) the four activities of the external analysis process 2. b. Identify the five competitive forces and explain (with examples) how they determine an industry’s profit potential. 3. a. Explain the Value Chain concept and give a clear specific example of how it can be used to improve a company’s profits 3. b. What is outsourcing? Give an example of when it is wise to use outsourcing and an example of when it is not. 4. a. List and explain the types of Business-Level Strategies – Give examples of a company used each of the strategies. 4. b. Explain how customers Who? What? and How? relate to business level strategies. 4. c. Use the five competitive forces to explain how above average-returns can earned through Cost Leadership and Differentiation strategies.