Strategic Management and Business Policy

Strategic Management Process.
Student's Name
Institutional Affiliation
Date

Question 1.
Corporate governance is a culmination of rules, practices, and policies that guide company directors on managing and overseeing the activities of a company. It's an outlook that enables management to deal with the challenges of running a company effectively. On the other hand, corporate social responsibility is an ethical practice in which that allows a company to be socially accountable to itself, its stakeholders, and the general public. Companies incorporate social and environmental concerns in their company operations and interactions with stakeholders.
Question 2.
Environmental uncertainty threatens the strategic management process because it hinders the ability of managers to develop long-range plans to make strategic decisions for keeping the company in equilibrium with its environment. Nevertheless, it also creates an opportunity for creativity and innovation as a significant play in the strategic decision-making process. For example, the emergence of COVID-19 affected strategic decisions made by TECNO ltd. Many of its branches were closed, but managers were exposed to creativity and online marketing to advance their sales.
Question 3.
Production cost, the company's image, credit period offered, promotional activities, and product life cycle are some of the internal factors that helped TECNO determine whether to produce large numbers of low priced goods or small numbers of high priced goods. The production cost of smartphones is lower than that of laptops, which enabled the company to produce more smartphones and sell them at a lower price.
Question 4
Marketing as part of TECNO's functional strategy helped it reach many customers compared to its competitors in the same market. Also, hiring qualified salespersons enabled it to increase its sales do...