This course deals with the key issues facing every manager: a) how to analyze the external environment of the company (structural analysis of industries, strategic groups, trends), b) how to exploit and build resources and capabilities needed to achieve, maintain and improve the firm's market positioning, c) how to direct the company into the future (mission/ vision/ strategic intent), d) how to make a strategic choice, given a number of alternative strategic options, and e) how to build and sustain competitive advantage. The course also examines ethical issues and responses of enterprises to social demands and expectations about responsible business behavior. It outlines the current discussion, dilemmas and trends about corporate responsibility, regulation and corporate responses to societal demands and expectations of responsible business behavior. In this context, it focuses on mechanisms and practices used by enterprises such as value management, sustainability measures and social responsibility. It links business responses to competitive advantage and provides examples of successful strategies.