.0001pt;”>Strategy in PracticeAssignment #3Chapter5THEFIVE GENERIC COMPETITIVE STRATEGIESIn this chapter, we build on pastinformation by discussing ways in which firms formulate business strategiesthat capitalize on their resources and capabilities to exploit opportunities intheir competitive environments. As we have seen, business strategy refers tothe competitive moves and business approaches that a firm makes in an effort toestablish its competitive posture. As a rule, competitiveposition can be established in many different ways, and the task of finding thebest configuration of positions falls to strategic managers. Deciding whichgeneric strategy to employ is perhaps the most important strategic commitment acompany makes – it tends to drive the rest of the strategic actions a companydecides to undertake, and it sets the whole tone for the pursuit of acompetitive advantage over rivals.Your assignment this week:1) Perform an Internet searchfor “low-cost provider.†Identify three (3) companies that arepursuing a low-cost strategy in theirrespective industries, and briefly explain how these firms achieve competitive advantage.2)Perform an Internet search for “best-cost provider,â€and locate three (3) companies thatindicate they are employing abest-cost provider strategy. What specific characteristics makeeach of these firms a best-costprovider?3) Explore Starbucks’s Website at www.starbucks.com, and conduct any additional research youdeem necessary to better understandthe company’s vision, mission, and approach. Whatactivities contribute to Starbucks’sdifferentiation strategy and the unique position in theindustry that Starbucks has achieved?4) Which of the five genericcompetitive strategies do you think each of the following companiesis employing (do whatever researchat the various company Web sites that might be needed to arrive at, and support, your answer)?Explain your reasoning for each. a. Nintendo b. Old Navy c. Amazon.com d. Lowe’s e. Conn’s HomePlusf. Bloomberg Businessweek