Please try to answer using less then 500 words.

Question 1 Briefly describe the aim of a competitive strategy. Outline the differences between a red ocean strategy and a blue ocean strategy and explain the limitations of the latter. Reflect about the challenges for a firm switching to a hybrid strategy in general and under the condition of a high bargaining power of buyers. Critically evaluate the role of a firm's core competences in adopting such a competitive strategy. [25 marks]