1. What are the main differences between the Resource Based View (RBV) of firms and the Industrial Organization (I/O)? Which one is better to use to decide what business to be in? Please provide explanations for your answers.

2. According to your instructor, the old value chain analysis framework changed to a new one and in the new one there is no mention of "firm infrastructure." What did your instructor say to be the reason?

3. One of the best ways for a differentiated strategy firm to stay ahead of competition and copycats is innovation or continuous innovation. Please explain why and how this type of firms can remain competitive through innovation?