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1) Describe the term strategy and explain why it is important in business.

2) What are the five stages of the process of crafting and executing a strategy? Briefly describe each one.

3) What are the five generic competitive strategies? Briefly describe each one and identify the type of competitive advantage that each strategy is aimed at achieving.

4) Identify the strategic options for entering and competing in international markets. Briefly describe each strategic option.

5) Once a company has diversified into a collection of related or unrelated businesses and concludes that some strategy adjustments are needed, what are the main strategic alternatives that it can employ to improve the performance of its overall business lineup?

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