Section 1: Compulsory question to be answered by all:

1. Critically explore the term 'Strategic Management'. Using examples as appropriate, discriminate between prescriptive and emergent models and explain the factors affecting the successful application of each model.

Section 2: Answer the following:

2. Explore the practical application of SWOT Analysis as a strategic management tool, critically appraising issues and limitations associated with its use. What conclusions can reasonably be made, about the use of this tool in strategy?

3. "Innovation is often thought of as a lucky incident. But most successful innovations are the result of a disciplined process which sorts through many ideas" (Satpathy et al, 2015). Critically evaluate this statement and the benefits, costs and risks of using 'innovation' to drive long-term organisational development, illustrating your answer with examples of how this approach to formulating and deploying strategy works in practice.

4. Comment critically on the idea that 'Core Competence' is an essential component in developing Sustainable Competitive Advantage (SCA) for an organisation. Use examples from the literature to support your arguments.

5. "Strategy is the comprehensive action plan that identifies the long-term direction for an organization and guides resource utilization to accomplish organizational goals with sustainable competitive advantage" (McCuddy 2007).

Compare and contrast two models or theoretical approaches available to managers to assess the competitive position of an organisation to fulfil this requirement. Comment critically on the benefits and limitations of each model/approach and apply your response in context where possible