Part A) Strategic Management 1) 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 capabilites

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.