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Pages:
4 pages/≈1100 words
Sources:
3 Sources
Style:
APA
Subject:
Management
Type:
Essay
Language:
English (U.S.)
Document:
MS Word
Date:
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Topic:

Strategic Management Internal and External Analysis

Essay Instructions:

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 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. Diferentiate 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.

Essay Sample Content Preview:

Strategic Management – Concepts
Author’s Name
The Institutional Affiliation
Course Number and Name
Instructor Name
Assignment Due Date
Strategic Management – Concepts
Part A: Strategic Management
I – Strategy & Strategic Management Process
Strategy is a general direction for a company to accomplish its long-term objectives. Strategy refers to a broader plan created for an organization based on its resources, core competencies, scale, and related parameters. The plan leads a company to fulfill its prospects and satisfy stakeholders’ interests (Barney & Hesterly, 2015). The strategic management process (SMP) refers to continuous appraisals performed by organizations through planning, monitoring, analyzing, and controlling parameters to implement the strategies and fulfilling the objectives. SMP allows companies to examine their environment and make necessary decisions for continuous improvement in results (Barney & Hesterly, 2015).
II – Competitive Advantage
Competitive advantage refers to the excellent position organizations achieve to generate more profits than the competitors. A competitive advantage allows organizations to create a difference in performance and surpass market positions held by the competitors during a fiscal period. Businesses could use two approaches to measure their competitive advantages. First, companies could estimate economic differences through ‘Accounting Ratios,’ which indicate financial viability. Second, companies could estimate performance differences through ‘Business Model Canvas,’ indicating cost leadership or differentiation in a product or service (Barney & Hesterly, 2015).
III – Firm’s Strategy
Understanding a firm’s strategy is essential for business leaders to measure the performance direction of a company. A fit strategy would allow organizations and their core resources to work towards a mutual direction. Employees would share responsibilities and develop synergy for long-term results. Strategy understanding is essential to measure organizational performances against the long-term prospects designed by business leaders. Strategic understanding further assists business leaders in identifying competitors, target markets, and prospects for transformation based on changes in the business environment (Barney & Hesterly, 2015).
Part B: External Analysis
I – Concept of External Analysis
The external analysis measures the threats and opportunities in the macro business environment. Threats are adverse conditions in the industry due to changes in political, economic, social, and technological factors. Businesses would require shifting resources and strategic reach to mitigate effects. Opportunities are potential advantages emerging in the industry due to technological advancements, competitive changes, and other factors. Businesses must utilize core competencies and potential resources to gain a maximum advantage while exploiting opportunities to fulfill strategic objectives in the long run (Barney & Hesterly, 2015).
II – Two Levels of Environment
First, the external business environment refers to the macro elements beyond an organization&r...
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