Briefly state the difference between a market and an

3. Briefly state the difference between a market and an industry.
PTS: 1 REF: p. 84-85 OBJ: 3-5 TYPE: C
4. List the five factors that determine the nature and degree of competition in an industry, as presented by
Michael Porter in his book Competitive Advantage .
PTS: 1 REF: p. 72 OBJ: 3-3 TYPE: C
5. Name and describe the two broad-based strategy options that a firm can select when pursuing a
competitive advantage in the marketplace.

PTS: 1 REF: p. 77-78 OBJ: 3-4 TYPE: C
6. What marketing activities suggest that a small firm is following a focus strategy?
PTS: 1 REF: p. 80 OBJ: 3-4 TYPE: C
7. What are the four conditions under which a segmented market can erode?
PTS: 1 REF: p. 82 OBJ: 3-4 TYPE: D