Homework Items

1) How do companies formulate their mission statement? Why is the mission statement important in guiding an organization’s strategy?

2) Define strategic groups and describe their influence on firms.

3) Identify the five competitive forces and explain how they determine an industry’s profitability potential.

4) Describe what firms need to know about their competitors and different methods (including ethical standards) used to collect intelligence about them.

Please cite any references using APA style/format.