please write an answer between 650 and 700 words

7. 'The resource-based and competitive positioning approaches to strategy have too many limitations to be useful to today's international businesses.' Discuss this statement critically as follows, using Illustrative examples: a) Assess the relative merits and limitations of Porter's generic strategies framework and Ghemawat's AAA framework. (12 marks) b) Assess whether, in today's unpredictable and fast-moving international business environments, sustainable competitive advantage can be achieved from taking a resource based approach to strategizing. (6 marks) c) What is a PESTEL analysis and how far would adding an institution-based perspective make competitive positioning and resource based approaches more useful? (7 marks)