4:43 Individual exercise 1 1. Michael Porter introduced a framework describing four competitive strategies. List and Porter's competitive strategies and describe each strategy using examples? (Hint: Topic 2-3 in Week 2) Evaluation criteria: concept/definition: 60%; supporting explanation using examples & application: 40% Word limit: 300 words 2. The market universe is composed of two types of oceans: red oceans and blue oceans. What is the difference between red oceans and blue oceans; describe each ocean using examples? (Hint: Topic 2-4a & 4b in Week 2) Evaluation criteria: concept/definition: 60%; supporting explanation using examples & application: 40% Word limit: 300 words