(Solved):   \begin{tabular}{|l|l} \hline \( \mathbf{1 . 1} \) & To make a profit in the retail industr ...

 

\begin{tabular}{|l|l} \hline \( \mathbf{1 . 1} \) & To make a profit in the retail industry, MRP has to possess something that \end{tabular} makes it better than its competitors. The prescribed textbook describes competitive advantage as "what makes you better than anyone else". Discuss the concept of competitive advantage. a) Explain the difference between a sustainable competitive advantage and a transient competitive advantage. b) "MRP has a sustainable competitive advantage" Do you agree or disagree with this statement? Provide reasons for your answer. Table 1 above shows MRP vision statements for the past three years. a) Critically evaluate the 2021 vision to determine whether it meets the requirements of a good vision statement. (use a table with the following headings; characteristics, yes/no, reason) b) Would you recommend for the vision to change again in 2022? Provide reasons for your answer. 1.3 The management of the MRP has approached you to help analyse the profitability of the industry in which they operate. a) Use a suitable model to analyse the industry (market environment) in which MRP operates. b) Identify two opportunities and two threats that MRP faces in this environment. Hint: For this analysis, you will either use PESTEL(G) or Porter's five forces (you need to know which one is suitable). Begin the analysis by explaining which of the two is suitable and why, then apply the theory.