Question: Address a theme offering insights into the strategic issues a firm ought to consider when deciding its vertical boundaries. Please offer insights into the relative

Address a theme offering insights into the strategic issues a firm ought to consider when deciding its vertical boundaries. Please offer insights into the relative benefits and costs of insourcing (make) versus outsourcing (buy) aspects of a firm's value creating activities. Also offer insights into the strategic nature of relationship specific assets and how these might influence a firm's vertical boundary decisions.

Illustrate with reference to BP and the oil industry.

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