1. Is it possible to achieve competitive advantage without the implementation of strategic management? If yes, describe how and explain your rationale. If no, then explain why and provide at least one example.
2. Which stage in the strategic-management process is most difficult? Explain why.
3. According to James Van Horne, what are the three decisions that comprise the functions of finance? Describe each function, and identify the role of each function in strategic management.
4. Define what strategists are. Describe what they do in an organization.
5. Identify and briefly explain the steps that are involved in the controlling function of management. Which, in your view, is most important? Why?