1. Define “business” in business level strategies, how does this differ from “corporate level” strategies?
2. Figure 5.1 shows Michael Porter’s set of “generic strategies” based on his premise that firms within an industry compete on two general dimensions. Describe these two dimensions. What are the four possible combinations resulting? Explain each for the four, give an example of a firm adopting each of those generic business-level strategies, other than the example used in the text!
3. Describe the limitations of a firm adopting and implementing a “generic strategy”. Paraphrase text content and use two non-text sources in your description.
4. Given your research of airbnb, what generic business level strategy have they adopted, and explain your basis, reasoning for selecting that particular strategy.
5. Explain what might happen when firms fail to effectively pursue one of the four generic strategies?