1. There is little empirical evidence that having a formal, written mission statement improves a firm's performance. Yet many firms spend a great deal of time and money developing mission statements. Why?

2. Both external and internal analyses are important in the strategic management process. Is the order in which these analyses are done important? If yes, which should come first-external analysis or internal analysis? If the order is not important, why not?

3. Will a firm that has a sustained competitive disadvantage necessarily go out of business? How about a firm with below average accounting performance over a long period of time? How about a firm with below normal economic performance over a long period of time? Can you give examples?

4. Can more than one firm have a competitive advantage in an industry at the same time? Is it possible for a firm to simultaneously have a competitive advantage and a competitive disadvantage? Give some examples.