Part A: Essay Questions[60 marks]

Instruction: Please answer ALL questions below. Each question is carrying 10 marks.

1) Discuss the following statement: "Planning would be impossible without assumptions."

Answer:(10 marks)

2) Agree or disagree with and discuss the following statement: "Corporate intelligence is not corporate espionage because 95 percent of the information a company needs to make strategic decisions is available and accessible to the public."

Answer: (10 marks)

3) King and Cleland recommend organizations carefully develop a written mission statement for six reasons. List and describe five of these reasons.

Answer: (10 marks)

4) Explain the relationship between strategic management and competitive advantage for firms. How can a firm achieve sustained competitive advantage?

Answer:(10 marks)

5) Define and discuss the differences between vision and mission statements.

Answer:(10 marks)

6) Discuss Michael Porter's three generic strategies.

Answer: (10 marks)