Answer:
1.Competitive advantage is central to the study of strategic management. Few reasons are as follows: Competitive advantage strengthens the position of a company in the tough market conditions. Competitive advantage help in the strategic development of organizational functions like HR, Marketing, production, and so on.
2.Globalization refers to the process of integration and interaction of people and businesses around the world. It involves the growth of independent economies, populations, and cultures involving cross border trader for products and services.
3.The Internet is an extremely important new technology, and it is no surprise that it has received so much attention from entrepreneurs, executives, investors, and business observers. Caught up in the general fervor, many have assumed that the Internet changes everything, rendering all the old rules about companies and competition obsolete. That may be a natural reaction, but it is a dangerous one. It has led many companies, dot-coms and incumbents alike, to make bad decisions—decisions that have eroded the attractiveness of their industries and undermined their own competitive advantages. Some companies, for example, have used Internet technology to shift the basis of competition away from quality, features, and service and toward price, making it harder for anyone in their industries to turn a profit. Others have forfeited important proprietary advantages by rushing into misguided partnerships and outsourcing relationships. Until recently, the negative effects of these actions have been obscured by distorted signals from the marketplace. Now, however, the consequences are becoming evident.
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