Describe the strategy and the strategic management process. Define competitive advantage and describe the two approaches used to estimate a firm’s competitive advantages. Explain why it is important to understand a firm’s strategy. Describe an external analysis. Analyze the two levels of the environment. Identify and define the three elements of the S-C-P model.

Strategic Management

Assignment

Directions: Be sure to save an electronic copy of your answer before submitting it for grading. Unless otherwise stated, answer in complete sentences, and be sure to use correct English, spelling, and grammar. Sources must be cited in APA format. Your response should be four (4) double-spaced pages; refer to the “Assignment Format” page located on the Course Home page for specific format requirements.
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
Part A refers to the material in Lesson 1 of this course. Using logical, clear writing, do the following:
1. Describe the 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
Part B refers to the material in Lesson 2 of this course. Using logical, clear writing, do the following:
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4. Describe an external analysis.
5. Analyze the two levels of the environment.
6. Identify and define the three elements of the S-C-P model.

Part C: Internal Analysis
Part C refers to the material in Lesson 3 of this course. Using logical, clear writing, do the following:
7. Describe an internal analysis.
8. Explain resources and capabilities.
9. Describe the VRIO framework.

Part D: Cost Leadership
Part D refers to the material in Lesson 4 of this course. Using logical, clear writing, do the following:
10. Differentiate between business strategies and corporate strategies and define the nature of a cost-leadership strategy.
11. Identify six sources of cost advantages for firms.
12. Identify the most appropriate organizational structure for a firm pursuing a cost-leadership strategy.