Define value creation and the components that can be used to determine value creation per unit. How is value creation related to competitive advantage?

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1. Define value creation and the components that can be used to determine value creation per unit. How is value creation related to competitive advantage?
2. What is a value chain? Why is efficiency so important in an organizations value chain?
3. What building blocks can an organization use to sustain competitive advantage?
4. What does an internal analysis help a company to determine? How does this contribute to the overall health (value creation, competitive advantage, profitability) of the company?
5. Why do companies fail? How does competitive advantage relate to failure?
6. What are functional level strategies? How can functional level strategy contribute to efficiency/
7. Describe economies of scale and its relation to competitive advantage. What strategic significance does economies of scale have?
8. How does innovation relate to competitive advantage? What can be done to sustain innovation?
9. How does customer relations contribute to competitive advantage? What is the effect of customer relations on value creation and its components?