1. Someone argues that no competitive advantage lasts forever. However, successful firms that have been competitive over centuries are not rare. Does this argument contradict the phenomenon? Discuss.
2. Explain how the Internet is changing businesses around the world.
3. 7-Eleven, Circle K and VanGO are the most popular convenience stores in Hong Kong. Analyse the industry structure of convenience stores in Hong Kong and assess their attractiveness with Porter’s Five Forces model.
4. Assume that you have decided to establish and operate a restaurant in Hong Kong. Identify the market segment you intend to serve. What is the nature of customers’ needs and how would you satisfy those needs? Discuss in terms of the value chain concept.
5. Explain the VRIO framework. Discuss how to apply the framework for identifying a firm’s competitive advantage by using a real-life example.