Strategic Management Essay Questions Instructions Part I of this exam includes 8 questions, each drawn from one or more chapters of the text and each requiring both reflection and critical thinking [i.e, something beyond simply defining or explaining a concept using textbook language]. Please be sure to answer each question completely, referencing a specific page[s] from your text as needed – and using the correct APA citation. One word or one sentence answers will not be sufficient to answer each question completely enough. If there are multiple parts to the question, please make sure you answer each part of the question. Be sure to check for spelling and grammar as well. It counts. Part II includes 3 short-answer essay “caselettes”, each of which presents an abbreviated case situation followed by one or more questions. Please make sure to answer each question/sub-question thoroughly using the correct APA citation if appropriate. As with Part I, one-word or one sentence answers will not be sufficient to answer each question completely enough. If there are multiple parts to the question, please make sure you answer each part of the question and, of course, be sure to check for spelling and grammar as well. 1. Explain the relationship of the strategic management process to organizational ethics. 2. Describe the six segments of the general environment. 3. Describe and discuss the resource-based model of above-average returns. 4. When a firm chooses a business-level strategy, it must answer the questions: Who? What? and How?Ã¢â?¬Â? What are these questions and why are they important? 5. Who are the firm’s strategic leaders? How do strategic leaders predict the profit outcomes of different strategic decisions? 6. Discuss how a cost leadership strategy can allow a firm to earn above-average returns in spite of strong competitive forces. Address each of the five competitive forces. 7. Describe the four specific criteria that managers can use to decide which of their firm’s capabilities have the potential to create a sustainable competitive advantage. 8. Describe a value chain analysis. How does a value chain analysis help a firm gain competitive advantage?