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Describe the three possible solutions and their faults. Which of the three solutions (or combination of the solutions) do you believe is the most promising? Justify your response using relevant examples. “Prisoner’s Dilemma”
2. Describe Porter’s five forces model and how it can be used to obtain a sustained competitive advantage, list the seven barriers to entry and provide an example of each. “The Five Competitive Forces that Shape Strategy”
3. Compare and contrast a red ocean versus a blue ocean strategy, providing existing examples of both, whether they compliment or contrast each other, and what specific tools managers can use within each type of ocean. “Blue Ocean Strategy,”
4. Use Barney’s framework of VRIO to explain how LAN Airlines has obtained a sustained competitive advantage in an industry with a difficult external business environment. “Barney’s framework of VRIO”
Barney, J.B., (1995). "Looking Inside for Competitive Advantage," The Academy of Management Executive.
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