Question: What is tradeoff? Why are tradeoffs essential? Understand Vision, Mission, and Objectives. Understand what a stakeholder is and the types of stakeholders. What stakeholder interests are more important? Understand the I/O Perspective, Internal Perspective and the assumptions Simon Sinek talks about the just cause. What does this mean, and how does it relate to vision statements. Everything about Porter's Five Forces + the 6th Force is important. Please have a good understanding of when each force has the power and when they do not. Understand what a stockholder is? Understand capabilities Understand core competencies, competitive advantage, and sustained competitive advantage. What is strategic positioning according to Porter? Understand why strategy fails. What are the three root causes of strategy execution?