1a) Describe the three generic business-level strategies to gain competitive advantage over other firms operating in the same industry. Provide examples of any industry of your choice.

Business-level strategy can be defined as the strategy that is chosen by a company to hold a competitive advantage within the market that it is involved with. Such a strategy has to be chosen by firms because of the intense competition that exists within a certain industry and thus managers, see the need to formulate business-level strategies that are geared towards creating and maintaining a competitive advantage over the rival firms in the same industry. This is a choice that a firm has to make when it chooses to compete in a single product market where every firm’s products share the some similarities.
There are three generic strategies that were developed by Michael Porter, who is a distinguished Harvard professor and author of numerous books and articles that deal with the competitive advantages of companies and nations, that are considered to the cornerstone of strategies that you formulate to give you an edge in competing with your rivals and making above average econom...