Answer in paragraph form using complete sentences. Be sure to answer each part of the questions completely. When answering, be sure to use your own wording. Do not just give definitions/information straight from the book. This will be run through Turnitin and plagiarism will NOT be tolerated! Grammar is also very important. Each answer should be no less than a paragraph.

1. What is strategic management and how does it benefit an organization? How would the strategic management model help evaluate strategy? (Chapter 1)

2. What are triggering events and strategic decisions and how do they relate to each other?Give some examples of triggering events. (Chapter 1)

3. What is agency conflict and offer 3 different examples. What can firms do to minimize the conflict? How does the Sarbanes-Oxley Act effect agency conflict? (Chapter 2)

4. Who typically serves on a Board of Directors? What are the criteria for good directors and what are their responsibilities? (Chapter 2)

5. Explain the similarities and differences between Milton Friedman's and Archie Carroll's approaches to the responsibilities of business. Based on these approaches, should businesses be socially responsible in your opinion? Which stakeholders are the most important and why? Explain your position and back it up with material from the text. (Chapter 3)