1.Describe Michael Porter's view on competitive advantage. How do the three strategies differ from each other. Give an example of each.

2. Explain "strategic drift" and give examples of how it happens.

3. What is benchmarking and why is it done?

4. What is a strategic grouping of companies? Why are they useful?
Name several companies in a grouping.

5. What are the SMART Objectives and what do they mean?