Read the handout “Alaska Gold Mine: Part 1” and select one of the four alternatives.

1. What was your choice? Explain the rationale of your choice. (5 points)

2. According to the model of strategic planning, strategy formulation involves the steps of selecting company goals, analyzing the external and internal environments, and choosing a strategy. How did your choice reflect these steps? (5 points)

Read the chapter in the text and the PowerPoint slides. Answer the following questions in a single Word document.

1. What is a strategy? What is the objective of a strategy? (5 points)

2. Compare the two theoretical models of above-average returns i.e. the I/O model and the resource-based model. What is the key difference between the two models? How should strategic managers choose between them when formulating strategies? (5 points)

3. What is a mission? What is a vision? What is the connection between them? What is the difference between them? (5 points)

4. What are emergent strategies according to Henry Mintzberg? Why would firms need emergent strategies? (5 points)

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