Lesson 1: INTRODUCTION TO STRATEGIC MANAGEMENT Globalization of the economy has brought about revolutionary changes in the policy framework of both developed and underdeveloped countries. The liberalization has removed artificial trade barriers and businesses have, now truly become international and the competition has become very severe. These developments gave rise to new paradigms in business policies and strategic thinking. Due to this, there are drastic changes in the conventional concept of business. (CONTINUE READING ON THE ATTACHED FILE) Assignment No. 1 1. "In anticipation of opponents move, designing one's own way of action". Discuss and Explain 2. Define Strategic Management. What are the Characteristics of Strategic Management? Explain 3. "Strategic Management cannot be a rigid, step-wise collection of few activities arranged in a sequential order". Discuss and Explain 4. Elaborate and discuss on the basic elements of the strategic management process. A) Establishment of strategic intent. B) Formulation of strategies C) Implementation of strategies. D) Strategic evaluation. 5. "Production strategies are mainly aimed at improving quality, increasing quantity and reducing the cost of production". Explain throughly 6. Explain in detail Corporate Strategy. 7. What are the benefits of Strategic Management? Explain 8. Discuss the Limitations of Strategic Management. Expound