-DEFINITIONS and APPLICATION: Respond to only four (4) from the list of eight (8) concepts below. Each explanation is worth six (6 Doints. The DEFINITION and APPLICATION questions therefore in total are worth 24% of your Midterm grade. You must discuss the strategic importance of these concepts with respect to strategy-setting and general decision-making. As appropriate, feel free to use a specific company (ies) or industry (ies) in embellishing your response to these concept questions. You should write at least three sentences for each of the DEFINITIONS and APPLICATION questions you select. - Choice #1: What is the importance of clearly classifying strategic groups within an industry and how do you go about doing that well? - Choice #2: Industry life cycles-what's happening at each stage and how does that influence strategic decisionmaking? - Choice #3: Identify an industry in which suppliers have enormous bargaining power and another industry in which the buyers exert most of the bargaining power. Explain fully your choices. - Choice #4: In the ski industry, discuss how at least two PESTEL factors stand out as opportunities or threats. - Choice #5: Discuss the meaning and importance of BHAGs-big, hairy, audacious, goals (or one of your favorite Jim Collins' buzzword). - Choice H6: Discuss what high or low 'switching costs' means in the context of Porter's 'five forces' model. - Choice #77: Name at least three different types of business models and provide examples of their successful use. - Choice #8: How do you know if a firm enjoys a competitive advantage in the industry they are part of