Case Study Name: Id number: Note: Submission last date is 4-4-22 Marks: 5 Prior to industrial revolution, the managers focused on "today's decisions for today's business". However, the rapid changes experienced by companies have made the managers to anticipate the future and prepare for it. They have prepared systems, procedures and manuals and evolved budgets and planning and control systems, which included capital budgeting and management by objectives. Strategic planning has become a very important part of the top management function due to the influence of external environmental factors and systems approach to the business management. Long range strategy is designed to provide information about an organization's vision, mission, purpose, direction and objectives. Although the internal environment factors are also very important. Strategic plan "is not only planning activity of an organization; however, it is one in which the top management's role is most critical. Strategic planning process is to develop strategic alternatives to help the organization in achieving its objectives. "Strategic alternatives revolve around the question of whether to continue or change the business enterprise is currently in or improve the efficiency and effectiveness with which the firm achieves its corporate objectives in its chosen business sector." Answer the following questions, Q1. What is the difference between internal and external environment with example? (1 Mark Minimum 25 words) Q2. Discuss the need for and benefits of strategic management in today's scenario. (2 Marks Minimum 50 words) Q3. If you are the General Manager of a Company under what circumstances you will adopt stability strategies? Explain the circumstances (2 Marks Minimum 50 words)