Description 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. 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.
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