Strategic Management - Directions: Be sure to save an electronic copy of your answer before submitting it to Ashworth College for grading. Unless otherwise stated, 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; refer to the "Assignment Format" page located on the Course Home page for specific format requirements.

Part A

The questions in Part A refer to the material discussed in Lesson 1 of this course. Respond to the following.

1. Describe the strategic management process. What does it mean to manage strategically?

2. What are the three types of organizational strategies and how are they different?

3. The Sarbanes-Oxley Act of 2002 (SOX) has had a significant impact on strategic management practices and strategies. Discuss how the Sarbanes-Oxley Act of 2002 reformed corporate governance.

Part B

The questions in Part B refer to the material discussed in Lesson 2 of this course. Respond to the following.

1. Compare and contrast the industrial organization (I/O) and resource-based views (RBV) on competitive advantage.
a. How does each develop a competitive advantage?
b. What is their focus?
c. What are their determinants of profitability?

2. What makes organizational resource-based views unique?

Part C

The questions in Part C refer to the material discussed in Lesson 3 of this course.

In Lesson 2 you discussed the industrial organization (I/O) and resource-based views (RBV) on competitive advantage. You now know that competition and competencies are both major organizational concerns. In Lesson 3 we take a closer look at how to conduct an external analysis of an organization's specific and general environments.

To demonstrate your understanding of external analysis, respond to the following.

1. Analyze the two perspectives on the environment.

2. Explain the primary responsibility of managers in conducting external analysis across managerial levels.

3. Describe the benefits of conducting an external analysis.

Part D

The questions in Part D refer to the material discussed in Lesson 4 of this course.

As you learned in Lesson 3, performing an external analysis can provide information to be used in planning, decision making, and strategy formulation. Organizations that conduct external analysis are most successfully when they combine this knowledge with a solid understanding of their internal strengths and weaknesses.

To demonstrate your understanding of internal analysis, respond to the following.

1. Define and present the characteristics of distinctive organizational capabilities.

2. Outline the steps in the identification of distinctive organizational capabilities.

3. Describe the criteria involved in judging organizational strengths and weaknesses.

4. Discuss the internal audit approach and why it is important.