For Practice Only:

1. Match each strategy framework with the type of analysis for which you are most likely to use it. Assess the potential of a firm's resources and capabilities to give the firma SWOT framework sustained competitive advantage PEST analysis 2. Carefully identify both the external and internal influences on a firm and the analyze their implications Porter's Five Forces Conduct macro-level environmental scanning to keep a firm aware of what's "happening in the world VRIO framework Consider the key sources of competitive pressure within an industry to understand how they impact overall industry structure and profitability 3 4