GMS 200 Lecture Notes - Lecture 7: P Money, Customer Relationship Management, Total Quality Management

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

Document Summary

Strategy in a world of globally competitive business. Exclusive agreement: contract that supplies/factory works exclusively for he company and cannot work with others. Sustainable competitive advantage: difficult/costly for others to copy/imitate. Rivals compete by: offering the same product at below average prices, offering different at above average prices. A comprehensive plan of action that identifies the long-term direction for an organization and guides the resour(cid:272)e utilizatio(cid:374) to a(cid:272)(cid:272)o(cid:373)plish a(cid:374) orga(cid:374)izatio(cid:374)"s goal (cid:449)ith sustai(cid:374)a(cid:271)le (cid:272)o(cid:373)petiti(cid:448)e ad(cid:448)a(cid:374)tage. The major responsibilities of strategic management process include: strategy formulation, strategy implementation, strategy design, a and b, b and c. As part of the strategic management process strategy implementation invloves_____: corporate governance, management systems and practices, and strategic leadership, exercising strategic control, review of the strategic management process, b and c, a, b and c. According to harvard scholar michael porter, the ultimate goal for any business should be____: maximum wealth creation, maximum market share, superior profitability, industry domination, total customer satisfaction.