Explain why the strategic management class is often is called a “capstone course.”
Answer to relevant QuestionsWhat aspect of strategy formulation do you think requires the most time? Why? Why do you think some chief executive officers fail to use a strategic-management approach to decision making? What do you believe are some potential pitfalls or risks in using a strategic-management approach to decision making? How can a firm best achieve sustained competitive advantage? Distinguish between the “self-concept” and the “philosophy” components in a mission statement. Give an example of each for your university.
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