Unit 1:Review the Terminal Course Objectives, accessed by clicking on the Course Information tab at the top of your screen, scrolling down to the Course Objectives and then selecting View class objectives. How will accomplishing these objectives support your success in management? What risks or challenges might a manager encounter if they have not mastered these objectives? Explain.Strategy is used by leaders to establish the direction an organization will take to achieve or maintain competitive advantage. How is strategy different from an organization’s vision and mission?The strategic planning model has four steps: assessments; strategy formulation; implementation of the plan; and evaluation of the results. Explain how this model along with strategic analysis is used to identify and assess an organization’s micro and macro environment.How are strategic planning and the analysis process used to facilitate an organization’s ability to initiate, formulate and implement strategies?Unit 2As a leader, it is important to not only understand what common biases are, but to also have the self-awareness to understand those that they possess. Only through this self-awareness can a leader minimize errors in the decision-making process. What could be the result if self-awareness is not attained?Decision making must be balanced, taking into consideration both short-term and long-term business outcomes. Explain how common biases, bounded awareness, emotions and motivation affect the decision-making process.What ethical factors should be taken into consideration when making a decision?Ethics can be considered as doing the right thing. How do you believe ethical standards in multi-national corporations should be adjusted for the diverse cultures the organization works within?Unit 3:Writing a mission statement requires focus and should inspire not only the employees within an organization but the customers, suppliers and community as a whole. What are the nine basic components of a mission statement? Why is it important to include as many of these components as possible in a company’s mission statement?There are many analytical tools and techniques available for companies to gauge not only where they stand within the industry but to also assess their sustainability and competitive advantage within the marketplace. Why do you believe it is an important step within a strategic planning process to conduct a SWOT analysis? How can a VRIO help an organization?Describe a situation when a TOWS matrix framework would be appropriate.Unit 4:Compare and contrast vertical and horizontal integration. What are some of the variables make each of these integrations valuable? Provide an example of a vertical and a horizontal integration that has happened recently.In what circumstances should an organization consider diversification as a viable strategy?What benefit does a global strategy provide an organization? Describe a situation when a global strategy would not be a viable solution for an organization.Unit 5:What are the components of competitive strategy? Within competitive strategy what is the relevance of a value change framework? What are the implications for customers and the competition?Cooperative strategies are the steps taken by two or more organizations to align strategies and resources to achieve a common goal. Discuss some considerations that must be taken into consideration when planning a strategic alliance.What are the critical factors that are necessary in a joint venture to increase the likelihood of success?