GMS 200 Lecture Notes - Lecture 7: Strategic Management, Competitive Advantage, Customer Relationship Management

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

Document Summary

Strategy in a world of globally competitive business. Can be skilled employees working towards a bad product. The winners most likely have a more effective strategy. Strategy to understand strategy, you have to understand the notion of competitive advantage. It is operating with an attribute or combination of attributes that allows it to outperform its competitors. O(cid:373)ethi(cid:374)g that you ha(cid:448)e is u(cid:374)i(cid:395)ue, (cid:448)alua(cid:271)le that (cid:272)o(cid:373)petito(cid:396)s do(cid:374)"t ha(cid:448)e. Cost and quality where strategy drives an emphasis on operating efficiency and product or service quality. Provide 2 companies the same budget, but one company would be superior to the other. Knowledge and speed where strategy drives an emphasis on innovation and speed of delivery to market for new ideas. Speed can kill in the in example of note 7 (rushed to the market and caused explosions) Barriers to entry where strategy drives an emphasis on creating a market stronghold that is protected from entry by others.