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:

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

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

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

Part C refers to the material in Lesson 3 of this course. Using logical, clear writing, do the following:

1. Describe an internal analysis.
2. Explain resources and capabilities.
3. 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:

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.