1. In your own words, explain the concept of a company's strategy. (5 marks) 2. What might cause a company's strategy to change over time? Give an example of a company's strategy that has changed over time. (10 marks) 3. How would you describe the strategy of your company in the Business Simulation? (5 marks) 4. Explain the difference between competitive advantage and sustainable competitive advantage. (5 marks) 5. Which of Porter's Five Forces could be most threatening to the long-term success of any business. Explain your answer. (10 marks) 6. Which of the five tasks in the Strategy Making, Strategy Executing process is most important? Why? (10 marks) 7. What is the difference between a Vision statement and a Mission statement? Give an example of any company's mission and vision statements. (5 marks) 8. Why are barriers to entry important? Provide an example of a business with high barriers to entry and explain why these barriers are difficult to overcome. (5 marks) 9. List five ways that might increase a supplier's bargaining power. Describe an example of a supplier with a lot of bargaining power. Describe an example of a supplier with little or no bargaining power. (10 marks) 10. List five ways that decrease the bargaining power of buyers. (5 marks) 11. What changes should your company (from Business Simulation software) make to be better than your competition? Why? (5 marks) 12. Describe your company's (from Business Simulation software) vision statement? If a vision statement hasn't been created, then create one