Describe strategy and the strategic management process.
Part A: Strategic Management
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
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
1. Describe an internal analysis.
2. Explain resources and capabilities.
3. Describe the VRIO framework.
Part D: Cost Leadership
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 preview to describe strategy and the strategic management process.
APA
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