1. When does a corporation need a Board of directors? Who should and should not serve on a board of directors? What are the roles and responsibilities of an effective and active Board of Directors? (1

1. When does a corporation need a Board of directors? Who should and should not serve on a board of directors? What are the roles and responsibilities of an effective and active Board of Directors? (10 marks).2. If you owned a small restaurant, would you develop a code of business ethics? If yes, what variables would you consider? If no, how would you ensure that ethical business standards were being followed by your employees? (10 marks).3. Select a company/firm preferably from tourism or hospitality sector and explain how VRIO framework(Value, Rareness, Imitability, and Organization) can be used to analysis and evaluate the company/firm’s competencies.  (10 marks).

4. Select a company/firm preferably from tourism or hospitality sector and explain in details Michael Porter’s strategies using the diagram below. (10 marks).

     I have attached the diagram