How is “strategic management” defined in the text, and what are its four key attributes?
Answer to relevant QuestionsBriefly discuss the three key activities in the strategic management process. Why is it important for managers to recognize the interdependent nature of these activities? What is meant by a “hierarchy of goals”? What are the main components of it, and why must consistency be achieved among them? Why must managers be aware of a firm’s external environment? Select one of the following industries: personal computers, airlines, or automobiles. For this industry, evaluate the strength of each of Porter’s five forces as well as complementors. How can managers create value by establishing important relationships among the value-chain activities both within their firm and between the firm and its customers and suppliers?
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