MGC1010 Lecture Notes - Lecture 2: Organizational Behavior, Strategic Management, Continual Improvement Process

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16 Sep 2013
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In this information is power" age, companies need to develop strategic or dynamic capabilities in order to advantageously compete in the face of changes emanating from the environment. Strategic: difficult to imitate, value to the customer & are better than those possessed by majority of competitors. Dynamic: physical (advantageous location/equipment), organisational (outstanding sales force) and human (expertise in a specialised field) The companies that employ knowledgeable staff with a canny ability to scan the environment for and ideas might gain competitive advantage knowledge & speed is indispensable to success. Allows an organisation to deal with market and environmental forces better than its competitors. Can only be achieved in the global economy by continuously scanning the environment for opportunities & taking effective action based on what is learned. Can be its products, pricing, customer service, cost efficiency & quality. Consists of all the background conditions can influence business activities.

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