After reading chapter 6 & 7 from the attached text book answer the below questions in own words. APA format must and strictly no plagiarism.

1. In Chapter 4, we discussed the internal value chain activities a firm can perform (see Exhibit 4.8). The value chain priorities can be quite different for firms taking different business strategies. Create examples of value chains for three firms: one using cost leadership, another using differentiation, and a third using a value innovation business-level strategy.
2. Select an industry and consider how the industry life cycle has affected business strategy for the firms in that industry over time. Detail your answer based on each stage: introduction, growth, shakeout, maturity, and decline.