Answer the following questions: (Minimum 250 words per answer)

1. What are the major components of a strategic management process? Which component is most difficult for managers to perform? Explain your answer.

2. What is the difference between a vision and a mission? Where have you seen misleading organizational mission, vision, and values statements? How did that affect the organization?

Answer the following questions: (Minimum 150 words per answer)

3. Define strategic competitiveness, strategy, competitive advantage, above-average returns, and the strategic management process.

4. Describe the competitive landscape and explain how globalization and technological changes shape it.

5. Explain why ownership is largely separated from managerial control in organizations.

6. Describe how corporate governance fosters ethical decisions by a firm’s top-level managers.

7. Define strategic leadership and describe top-level managers’ importance.

8. Describe what strategic leaders can do to establish and emphasize ethical practices.

References:

Hitt, M.A., Ireland, R.D., & Hoskisson, R.E. (2015). Strategic management: Competitiveness and globalization (11th ed). Stamford, CT: Cengage.