Read the case study located in the section titledin your textbook and prepare a 5- to 6-page report in a Microsoft Word document concerning the following situation:Siemens is a leading global electrical engineering and electronics firm headquartered in Munich, Germany. Profiling a highly diversified company, this case addresses the issue of optimizing the business portfolio through a coherent corporate strategy. An in-depth look at the programs designed and implemented at Siemens to spur management innovation provides a unique opportunity to study an organizations efforts to facilitate the transfer corporate-level core competencies across business divisions in order to strengthen competitive position and performance.The case opens with an introduction and a profile of the company. Management innovation activity at Siemens is then thoroughly reviewed, including the context, evolution, purpose, content, implementation, capability development, and performance measurement of the companysprogram.This case study demonstrates how the principles of strategic management apply to Siemens structured and systematic approach to management innovation and business excellence. It also provides a framework for assessing the effectiveness of the companys corporate management tools and programs.