1. Explain the relationship between strategic management and competitive

advantage for firms. How can a firm achieve sustained competitive

advantage? Apply these concepts to Barnes and Noble (what is their

strategy and competitive advantage). (4+ paragraphs minimum).

2. Identify and the five basic functions of management, and describe

each function. What is the outcome for a company when these functions

are performed effectively? What is the outcome when these functions are

not followed or performed effectively? (5+ paragraphs minimum).

3. List and define the major components of an effective mission

statement. Use the following companies: Coca-Cola and IKEA.

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