Define the terms vision, mission, and values.

. Define the terms vision, mission, and values. Why are these three concepts the first steps in developing a company’s strategy?  

3. Our text states that “strategy if the art and science of success and failure”. Discuss.  

4. From prior classes, define the terms manager and leader. Noting the differences and using the Level 5 leadership pyramid, Exhibit 2.2, critically discuss the progression from Level 1 through Level 5. 

5. Critically look at Exhibit 2.3, Strategic Formulation and Implementation across Levels. How does this exhibit interact with the strategic management process?