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1. Discuss the I/O (industrial/organizational) approach in relation to competitive advantage. State your view of the merits of the external view versus the internal view of strategy.

2. What four basic steps comprise the controlling function of management? Why is an understanding of the four steps important in strategic management?

3. List three opportunities and three threats that could represent key factors facing your college or university. Briefly state your view of what institution should do in light of these factors.

4. Explain the resource-based view and its relation to strategic management. Identify at least three ways that this view differs from the I/O view.

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