Short answer essay with each question. 1. What is strategic management? 2. What five elements comprise the strategy formulation diamond? 3. What are the fundamental and dynamic perspectives of competitive advantage? 4. Who are a firms stakeholders? Why are they significant? 5. How does strategy differ from vision and mission? 6. What are the five components of the VRINE model? 7. What is a firms value chain? How does it figure into a firms competitive advantage? 8. What are the five forces affecting industry structure? 9. What is the industry life cycle? 10. How does globalization affect the external context of strategy? 11. How does the industry life cycle affect business strategy? 12. What is meant by generic strategies? 13. What is market segmentation and what role does it play in strategic positioning? 14. How does corporate strategy differ from business strategy? 15. How can mangers decide whether they should diversify into a new business? 16. What aspects of the strategy diamond are related to international strategy? 17. What is an acquisition? 18. How do acquisitions tend to be used in different stages of the industry life cycle? 19. Explain what is meant by corporate governance? 20. How do entrepreneurial new-venture creation and corporate new-venture creation differ as discussed in class using Apple as the referenced case study?