1. Describe SWOT analysis as a way to guide internal analysis. How does this approach reflect the basic strategic management process? What are potential weaknesses and limitations of SWOT analysis?
2. What is benchmarking? How can benchmarking assist in strategy development and formulation?
3. Compare and contrast value chain analysis and the resource-based view of a firm. What are the objectives of each?
4. Explain how you might use value chain analysis, resource-based view, three circles analysis, product life-cycle analysis, and SWOT analysis to get a better sense of what might be a firm's key building blocks in attaining a strategic competitive advantage over competitors?