Read the chapter in the text and the PowerPoint slides. Answer the following questions in a single Word document.
- What is a strategy? What is the objective of a strategy? (5 points)
- Compare the two theoretical models of above-average returns i.e. the I/O model and the resource-based model. What is the key difference between the two models? How should strategic managers choose between them when formulating strategies? (5 points)
- What is a mission? What is a vision? What is the connection between them? What is the difference between them? (5 points)
- What are emergent strategies according to Henry Mintzberg? Why would firms need emergent strategies? (5 points)