After you have read Chapter 1, answer the end of Chapter questions with full detailed responses. No short answers accepted.
These questions are designed to get you thinking about developing, understanding and implementing strategies, evaluating results, and taking corrective actions. They are your opportunity to demonstrate your mastery of the content of the course.
Review Questions
What are strategic competitiveness, strategy, competitive advantage, above-average returns, and the strategic management process?
What are the characteristics of the current competitive landscape? What two factors are the primary drivers of this landscape?
According to the I/O model, what should a firm do to earn above-average returns?
What does the resource-based model suggest a firm should do to earn above-average returns?
What are vision and mission? What is their value for the strategic management process?
What are stakeholders? How do the three primary stakeholder groups influence organizations?
How would you describe the work of strategic leaders?
What are the elements of the strategic management process? How are they interrelated?
