Please help me to answer 3 questions in 1.5 to 2 pages SINGLE SPACE. I also attach the hint answer

1) What do you think are the sources of sustained superior profitability?

2)What are the strengths of formal strategic planning? What are its weaknesses?

3)Using the industry life cycle model, explain how the threats and opportunities for existing firms in a industry change over time.

PLEASE ANSWER ALL 3 QUESTIONS 1.5 to 2 PAGES SINGLE SPACE 1) What do you think are the sources of sustained superior profitability? 2) What are the strengths of formal strategic planning? What are its weaknesses? Hint: The strengths of formal strategic planning are that it brings everybody in the company on one platform. It provides a goal and everybody works to achieve that goal. It creates focus in the efforts towards specific short term and long term goals. For recruiting new employees, it acts as a litmus. In nutshell, it helps in maintaining passion about the mission and vision statement of the company The weakness of a formal strategic planning is that all opportunities ara not profitable. All strategies may not work out. In such cases, the time and resources spent by the company should be waste. Sometimes. The focus on long term goals forces the managers to ignore short term opportunities. It may lead to negative financial implications 3) Using the industry life cycle model, explain how the threats and opportunities for existing firms in a industry change over time. Hint: Industry life cycle include 5 stages: embryonic stage, growth stage, industry shakeout, mature, and decline stage Please be sure to mention all 5 stages