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Identify and State the Historical Significance of the Following

question 1

Short Answer

Identify and state the historical significance of the following:
-Lusitania

Grasp the concepts of competing based on price or product and the exclusivity of these strategies within market competition.
Identify and avoid common pitfalls in strategic planning processes, including failures of process and substance.
Define and explain the concept of sustainable competitive advantage and its significance in strategic management.
Recognize the different opportunities for developing competitive advantage and the limitations thereof.

Definitions:

Random Variable

A variable whose possible values are numerical outcomes of a random phenomenon, used in probability and statistics to model randomness.

Expected Value

The anticipated value of a variable, calculated as the sum of all possible values each multiplied by the probability of its occurrence.

Variance

An indicator of the distance between values in a dataset, reflecting how much each value deviates from the average.

Random Variable

An entity whose outcomes are numerical and stem from a random process.

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