Why do managers use strategic analysis? What information does a SWOT analysis provide managers? What information might it miss? Describe a firms macro environment and how managers use PESTEL to understand it. What is a firms micro environment, and why is it important? What is an industry, and how do Porters Five Forces help a manager trying to understand a firms industry environment? What are firm resources and capabilities, and what information does VRIO provide about them? When does a firm have a competitive advantage over its rivals? What are generic competitive strategies, and how are they implemented in a firms value chain activities? What do strategic group members have in common with each other? What impact do firms outside a strategic group have on those in that group? How does strategic analysis help a firm develop its own strategic position? Why should that position be unique?