Explain the relationship between strategic management and competitive advantage for firms.

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. (4+ paragraphs minimum)