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Lecture

GMS CH 7, 11, 5, 8, 16.docx

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Department
Global Management Studies
Course
GMS 200
Professor
Horatio Morgan
Semester
Winter

Description
Chapter 7 Strategy and Strategic ManagementStrategic ManagementTodays management places a great premium on competitive advantage and how it is achieved or not through strategy and strategic managementCompetitive advantage the ability to do something o well that one outperforms competitorsie walmart and their ability to cut costs They match buying trends Typical sources of competitive advantage include Cost and qualitystrategy drives emphasis on operating efficiency and product or service qualityKnowledge and speedemphasis on innovation and speed delivery to market for new ideasBarriers to entryemphasis on creating a market stronghold that are protected from entry by othersFinancial resourcesemphasis on investments or loss absorption that competitors cant match Strategy and Strategic IntentStrategycomprehensive plan guiding resource allocation to achieve long term organization goalsSustainable competitive advantagethe ability to outperform rivals in ways that are difficult or costly to imitate A strategy helps ensure that resources are used with consistent strategic intentfocuses and applies organizational energies on a unifying an compelling goal Levels of StrategyCorporate Level Strategy sets the long term direction for the total enterprise identifies how the company intends to compete across multiple industries and markets ie general electricBusiness Level Strategyidentifies how a division or strategic business unit will compete in its product or service domain strategy for a single business unit or product line Functional Strategyguides activities within one specific area of operations focuses on activities within a specific functional area such as marketing manufacturing finance or HR The Strategic Management ProcessStrategic Managementthe process of formulating and implementing strategies Strategic Analysisthe process of analyzing the organization the environment and the orgs competitive position and current strategies Strategy Formulationis the process of crafting strategies to guide the allocation of resourcesStrategy Implementationis the process of putting strategies into actionFigure 72Essentials of Strategic Analysis Canada Goose is a good exampleAnalysis of Mission Values and Objectives The strategic management process begins with review and clarification of missions values and objectives This sets the stage for the organizations assessments resources and capabilities as well as competitive opportunities and threats in its external environments Missionstatement expresses the organizations reason for existence in societyStakeholdersindividuals 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 them Figure 73Core valuesare broad beliefs about what is or is not appropriate behavior Canada GooseAuthenticity Organizational Cultures is the predominant value system for the organization as a whole how well they align with and support the organizations mission strong values help build organizations identities
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