$1)$ Which of the following is a difference between the bargaining power of buyers and the bargaining power of suppliers? A powerful buyer lower costs, while suppliers raise costs to squeeze profits out of an industry. Buyers have the most bargaining power in a monopoly, while suppliers need multiple product substitutes to have bargaining power. Only suppliers have the ability to make demands based on their power relative to that of the company. Buyers bargaining power can raise costs by demanding better quality, while suppliers can raise costs by providing lower quality products. The potential of a supplier with strong bargaining power is considered a threat, while a buyer with strong bargaining power does not pose a threat to the industry.

$2)$The first component of the strategic management process is:

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crafting the organization$$s mission statement.

deciding on a fit between the organization's strengths and weaknesses and the environment's opportunities and threats.

analyzing the macroenvironment.

coming up with a damage control plan.

determining the firm's employee turnover rate.