1.define strategic management.then discuss why it's important for business professionals to know how to set strategy? 2.List the steps involved in the formal strategic planning process. What is the pros and cons of having a formal strategic planning process. 3. Why is it important to understand the external environment in order to think strategically?Explain 4. List all of the forces included in the competitive forces Model (Porter's Framework).then select one of those forces and describe the key attributes of the force.discuss why it's important for managers to use the competitive Forces Model to analyze the external environment 5.List all of the stages in the industry life cycle and briefly describe the key characteristics of each stage. Then identify one product and suggest which stage in the life cycle the product is currently in. Explain