GMS 200 Lecture Notes - Lecture 7: Vertical Integration, Organizational Culture, Strategic Management

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Horatio Morgan

Document Summary

Gms lecture 7 (strategy and strategic management) 3/11/2015 3:15:00 pm. Strategy in a world of globally competitive business. The winners most likely have a more effective strategy. To understand strategy, you have to understand the notion of competitive advantage. Competitive advantage: when an organization has a competitive advantage it means it is operating with an attribute or combination of attributes that allows it to outperform its competitors. Competitive advantage will enable the company to generate above- average profits if the source of the advantage is: too difficult or costly for competitors to imitate. Basic of competition firms basically compete against their rivals by either: offering the same products at below-average prices, offering different products at above-average prices bringing everything together strategy is . A comprehensive plan of action that identifies long-term direction for an organization and guides resource utilization to accomplish an organization"s goals with sustainable competitive advantage. Focuses and applies organizational energies on a unifying and compelling goal.