FHBM 1114 Management Tutorial Part 4 Strategic Management: How Star Managers Realize a Grand Design Section A 1. 2. 3. 4. 5. 6.

. Describe the strategic management process. Explain what the "feedback loop" is and why it is important. Explain what forecasting is. What are the fundamental differences in examining internal and external environments when conducting a situation analysis? Give examples of what managers might look at in performing each element of a SWOT analysis. Describe what determines competitiveness within a particular industry using Porter's five forces model. Describe Porter's four competitive strategies and explain how they differ from each other.