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Lecture

Chapter 7 gms.docx

4 Pages
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Department
Global Management Studies
Course Code
GMS 200
Professor
Jian Guan

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Chapter 7 Strategy and Strategic Management GMS Notes Competitive advantagethe ability to do something so well that one outperforms competitorstypical sources of competitive advantage include cost and quality knowledge and speed barriers to entry and financial resources Sustainable competitive advantageability to outperform rivals in ways that are difficult or costly to imitate Strategya comprehensive plan guiding resource allocation to achieve long term organization goals Strategic intentfocuses and applies organizational energies on a unifying and compelling goal There are three levels of strategy corporate business and functional Corporate strategysets long term direction for the total enterprise ex growth and diversification strategies restructuring strategies global strategies ebusiness strategies cooperative strategies Business strategyidentifies how a division or strategic business unit will compete in its domain Functional strategyguides activities within one specific area of operations supports business strategies Strategic managementprocess of creating and implementing strategies Strategic Analysisprocess of analyzing the organization the environment and the organizations competitive position and current strategies Strategy formulationthe process of creating strategies to guide the allocation of resources Strategy implementationprocess of putting strategies into action Mission statement expression of the organizations reason for existence in society Stakeholdersindividuals and groups directly affected by the organization and its strategic accomplishments Strategic constituencies analysisassesses interests of stakeholders and how well the organization is responding to themCommunitieswe are committed to Employeeswe respect the being caring and supportive corporate individuality of each employeecitizensMISSIONSupplierswe think of our suppliersas partners who share our goal Shareholderswe are dedicated to performing in a manner that willenhance returns on investments Customerswe are committed to External stakeholders as strategicproviding superior value in our constituencies in an organizations products and services mission statement
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