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Lecture 7

GMS 200 Lecture 7 – Oct 31.docx

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Ryerson University
Global Management Studies
GMS 200
Vikraman Baskaran

GMS 200 Lecture 7 – Oct 31 Foundations of Strategic competitiveness Environments and competitive advantage:  Monopoly -Only one player and no competition -Creates absolute advantage  Oligopoly -Few players not directly competing against each other -Long-term competitive advantage in defined market segment  Hyper competition -Several players directly competing against each pother -Any competitive advantage in only temporary Strategic management process  Strategy formulation -The process of creating strategy -Involves assessing existing strategies, organizations, and environment to develop new strategies and strategic plans capable of delivering future competitive advantage (Strategic management process Chart)  Strategic question for strategy formulation -What is our business mission? -Who are our customers? -What do our customers consider value? -What have been our results? -What is our plan?  Strategy implementation -The process of allocating resources and putting strategies into action -All organizations and management systems must be mobilized to support and reinforce the accomplishments of strategies  Essential tasks for strategy implementation -Identify organizational mission and objectives -Assess current performance vis-à-vis mission and objectives -Create strategic plans to accomplish purpose and objectives -Implement the strategic plans -Evaluate results; change strategic plans and/or implementation process as necessary  Analysis of mission: The reason for an organization’s existence Good mission statements identify: -Customers -Products and/or services -Location -Underlying philosophy An important test of the mission is how well it serves the organizations stakeholders (How external stakeholders can be valued as strategic constituencies of organizations Chart) -Analysis of values -Organizational culture -Analysis of objectives -Strengths, Weaknesses, Opportunities, Threats (SWOT) analysis (SWOT Chart) Analysis of industry and environment:  Assessment of macro environment: -Technology -Government -Social structures and population demographics -Global economy -Natural environment  Analysis of industry environment: -Resource suppliers -Competitors -Customers (Porter’s model of 5 strategic forces affecting industry competition Chart) Strategies used by Organizations  Strategic forces to be examined in concluding a industry analysis: -Industry competitors -New entrants -Suppliers -Buyers -Substitutes (3 levels of strategy in organizations Chart) Growth and Diversification:  Growth strategies -Seek an increase in size and the expansion of current operations  Types of growth strategies: -Concentration strategies -Diversification strategies -Related diversification -Unrelated diversification -Vertical integration  Restructuring and divestiture strategies: -Readjusting operations when an organization is in trouble -Retrenchment -Correcting weaknesses by making changes to current operations -Liquidation -Restructuring -Downsizing and rightsizing
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