1. Identify and discuss common criticisms of the traditional strategic planning process. Then, explain how modern methods can avoid the faults for which strategic planning is criticized by the authors of your textbook.

2. Explain why it often is useful to view strategy as an emergent process.

3. Using the industry life cycle model, explain how the threats and opportunities for existing firms in an industry change over time. In your answer, also explain the relevance of "punctuated equilibrium," sometimes called "jumping curves," for strategic planning. Provide an example (or examples) of an industry that has progressed through some (or all) of the life cycle stages.

4. Using the Five Forces model, explain the prospects for profitability of the Industry that your team is studying.

5. Identify and describe the four building blocks of competitive advantage. Provide an example of each using the Starbuck's case.

6. Using Abell's model, and other concepts in Lecture 1, explain the "mission" of one of the following: Deere & Co., Monsanto, Syngenta or Valmont. To answer this question, you should visit the website of the firm that you select. In fact, you would be wise to visit each firm's website to acquire a broader range of alternative answers.

7. Describe the economic, market, technological and competitive drivers of performance potentials of firms in the industry that your team is studying. Be sure to include and identify each category of drivers mentioned in the previous sentence.