Class Notes (837,548)
Canada (510,312)
GMS 200 (1,247)
Lecture

Chapter 7 Strategy & Strategic Management.docx

6 Pages
102 Views
Unlock Document

Department
Global Management Studies
Course
GMS 200
Professor
Rodney Umrah
Semester
Winter

Description
Chapter 7 Strategy and Strategic Management Strategic Management - Competitiveness is the ability and performance of an organization in the marketplace compared to other organizations that offer similar goods or services. Strategy - Action plan to achieve the mission - Functional areas have strategies - Strategies exploit opportunities and strengths, neutralize threats, and avoid weaknesses o Strategy development can lead companies to achieve a competitive advantage o Competitive advantage is the ability to do something so well that you outperform the competitors - A firm achieves competitive advantage when an attractive number of buyers are drawn to purchase its products or services rather than those of competitors. Typical sources of competitive advantage: - Cost & Qaulity o Operating efficiency can lead to lower cost o Ensure consistent quality and high performance - Knowledge & speed o Innovation o Speed of delivery - Barriers to Entry o Market stronghold that’s protected from entry by others ( telecommunications) - Financial resources o Investments that competitors cannot match Levels of Strategy - Corporate strategy o Company wide action plan to compete across markets and industries - Business strategy o Strategy for a single strategic business unit (SBU) - Functional strategy o Activities within one specific functional area Strategic Management Process - Whats the company’s present situation? o Industry conditions? Competitive pressures? The companys current market standing? Competitive strengths? Competitive weakneses? - What should the companys future direction be and what performance targets should we set? Discussion question: Can an organization have a good strategy and still fail to achieve competitive advantage? Essentials of strategic analysis Druckers strategic questions for strategy formulation??? Finish from chapter Stakeholders Core values o Strong core values Operating objectives Analysis of objectives Swot Analysis Porters Model of Five Strategic Forces Affecting Competition - Industry competition o The intensity of rivalry among firms and their competitive behavior - New entrants o The threat of new competitors entering the market - Substitute products or services o The threat of substitute products or services - Bargaining power of suppliers o The ability of resource suppliers to influence the cost of products or services - Bargaining power of customers o The ability of customers to influence the price they will pay for products or
More Less

Related notes for GMS 200

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit