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Lecture 7

GMS 200 Lecture 7: Strategy and Strategic Managemet

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Ryerson University
Global Management Studies
GMS 200
Bamidele Adekunle

Chapter 7 Outline 1. Describe what is strategic management 2. Identify the essentials of strategic analysis 3. Identify various corporate strategies and explain how each is formulated 4. Identify various business strategies and explain how each is formulated 5. Identify and describe some current issues in strategy implementation What is Strategic Management Competitive Advantage – ability to do something so well that one outperforms competitors Sources of competitive advantage • Cost and equality o Where strategy drives emphasis on operating efficiency and product or service quality • Knowledge and speed o Strategy drives and emphasis on innovation and speed of delivery to market for new ideas • Barriers to entry o Strategy drives an emphasis on creating a market stronghold that is protected from entry by others • Financial resources o Drives emphasis on investments or loss absorption that competitors can’t match • Technology o Strategy drives emphasis on using technology to gain operating efficiencies, market exposure, or customer loyalty Sustainable competitive advantage – ability to outperform rivals in ways that are difficult or costly to imitate Strategy and Strategic intent Strategy – comprehensive plan guiding resource allocation to achieve long-term organization goals Strategic intent – focuses and applies organizational energies on a unifying and compelling goal Levels of Strategy • Corporate – Level Strategy o Sets long-term direction for the total enterprise • Business – Level strategy o Identifies how a division or strategic business unit will compete in its product or service domain • Functional Strategy o Guides activities within one specific area of operations Strategic Management Process Strategic Management – process of formulating and implementing strategies Strategic analysis – process of analyzing organization, environment and the organization’s competitive position and current strategies Strategy formulation – process of crafting strategies to guide the allocation of resources Strategy implementation – process of putting strategies into action Essentials of Strategic Analysis Corporate Strategies Grand or Master Strategies Growth strategy – involves expansion of the organizations current operation
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