BSM 100 Study Guide - Quiz Guide: Strategic Management, Competitive Advantage, Intellectual Capital

• School: Ryerson University
• Department: Business Essentials
• Course: BSM 100
• Professor: Ranjita Singh

Document Summary

Designing a competitive model and building a solid strategic plan. Importance of strategic management to a small business: Defining a workable strategy sets a small business apart from their competition. Without a cohesive plan of action and differentiating itself from other similar competitors . Mediocrity in the marketplace (the best a company can hope for) Extremely vulnerable: exposed to many rapidly changing forces and uncertainty of the environment (competition, political, technological, global, economic, etc. ) Companies who have in place strategies will capitalize on them. Economic shift from financial capital intellectual capital: Strategic management: the process of developing a game plan to guide a company as it strives to accomplish its vision, mission, goals, and objectives and to keep it from straying off course. A blueprint for matching the company"s strengths and weaknesses to the opportunities and threats in the environment.