Strategic Management

Answer the below questions with no less than 150 words each.

1-According to the I/O model, what should a firm do to earn above-average returns?

2-Why is it important for a firm to study and understand the external environment.

3-Why it is important for a firm to study and understand its internal organization?

4-How do awareness, motivation, and ability affect the firm’s competitive behavior?

5-Why are mergers and acquisition strategies popular in many firms competing in the global economy?