Describe 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.

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:

Describe 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.

Part B: External Analysis

Part B refers to the material in Lesson 2 of this course. Using logical, clear writing, do the following:

Describe an external analysis.

Analyze the two levels of the environment.

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:

Describe an internal analysis.

Explain resources and capabilities.

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:

Differentiate between business strategies and corporate strategies and define the nature of a cost-leadership strategy.

Identify six sources of cost advantages for firms.

Identify the most appropriate organizational structure for a firm pursuing a cost-leadership strategy.

Describe 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.