How is “strategic management” defined in the text, and what are its four key attributes? Briefly discuss the three key activities in the strategic management process. Why is it important for managers to recognize the interdependent nature of these activities? Why must managers be aware of a firm’s external environment? Discuss and describe the six elements of the external environment. Describe how the five forces can be used to determine the average expected profitability in an industry. Go to the Internet and look up www.kroger.com. What are some of the five forces driving industry competition that are affecting the profitability of this firm?

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