1. Strategy and business model are two important concepts introduced early in the course.

1. What question does a companys business model address? What are its elements?
2. What is the difference between a strategy and a business model?

2. Discuss the following statement: If you do the same things as your rivals, but do them better, you do not need a strategy. Dont give just an opinion; try to use textbook concepts and/or our class discussions.

3. Strategy and business model are two important concepts introduced early in the course.

a. What question does a companys business model address? What are its elements? Give examples.

b. What is the difference between a strategy and a business model? Give examples.

4. If you would like to know whether your companys existing strategy is a winning one, what are the 3 tests you need to apply? (Hint: These are the tests mentioned in your textbook). If you are formulating a strategy for your company and would like to know whether the new strategy is likely to be a winning one, what are the 3 tests you need to apply? (Hint: These are the 3 tests we talked about in class).

5. (a) Describe IKEAs (or Starbucks strategy as well as you can. (b) Does it pass the three tests of a winning strategy in your opinion? Explain. What would you need to know in order to answer that question?