Write an answer of one page for each of the following questions.

1. Describe some of the challenges that a new business might encounter in performing strategic

planning.

2. Explain why a business should pursue only one of the four varieties of generic strategy.

3.Select a business that you are familiar with. Discuss the cost drivers that affect its value

chain, and explain why you think that these drivers apply.

4. Describe the competitive advantage that you hope to achieve in your business, and explain how

you will create this advantage in your value chain.