Question Five: (a) A strategist has two broad approaches from which he/she can approach the development of strategies through the strategic management approach. Discuss the fundamental differences and similarities between "outside-in" and "inside-out" thinking about strategic management, and their influence on strategy. (4 marks) (b) In examining the competitive dynamics within an industry, we discussed the need to first ascertain "the extent to which a company is a strong competitor" and the three (3) drivers of competitive behaviour. You are required to explain the two elements or basis used to determine the extent of competition from another company in the same industry and further explain the three (3) drivers of competitive behaviour. (6 marks) Total = 10 marks Question Six: Understanding the common vocabulary used in strategic management is important to the application of its concepts. Required: a. There are four general steps in conducting an external environmental analysis starting with scanning of the environment. Briefly, explain all four steps. (2.5 marks) b. Choose any organisation of your choice and employ the "SWOT Matrix" to demonstrate the current strategic position of the organization and clearly indicate the strategy options available to help match that organization's internal environmental elements against its extemal environmental elements. (5 marks) c. Compare and contrast "strategic blunder" and "strategic drift"? (2.5 marks) Total = 20 marks