You will soon find yourself fulfilling roles in organizations where the ability to think strategically about issues will make you much more valuable to employers. For example, your boss may ask you to present information on a new strategy to gain a competitive advantage in the marketplace to the board of directors.

Part A: Strategic Management

Using logical, clear writing, do the following:

1. Describe strategy and the strategic management process.
2. Define competitive advantage and describe the two approaches used to estimate a firm's competitive advantages.
3. Explain why it is important to understand a firm's strategy.

Part B: External Analysis

Using logical, clear writing, do the following:

1. Describe an external analysis.
2. Analyze the two levels of the environment.
3. Identify and define the three elements of the S-C-P model.

Part C: Internal Analysis

Using logical, clear writing, do the following:

1. Describe an internal analysis.
2. Explain resources and capabilities.
3. Describe the VRIO framework.

Part D: Cost Leadership

Using logical, clear writing, do the following:

1. Differentiate between business strategies and corporate strategies and define the nature of a cost-leadership strategy.
2. Identify six sources of cost advantages for firms.
3. Identify the most appropriate organizational structure for a firm pursuing a cost-leadership strategy.

Answer rating: 100% (QA)

Part A Strategic Management Strategy and Strategic Management Process Strategy refers to a plan of action designed to achieve a particular goal or set of goals The strategic management process involve... View the full answer