GMS 200 Lecture 9: Week 9 GM200 Lecture - Chapter 7 Notes

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Omid Jadidi

Document Summary

Week 9 lecture chapter 7 strategy and strategic management. A comprehensive action plan that identifies long term direction for an organization and guides resource utilization to accomplish organizational goals with sustainable competitive advantage: competitive advantage. Operating with an attribute or set of attributes that allows an organization to outperform its rivals: sustainable competitive advantage. One that is difficult for competitors to imitate. How to create competitive advantage: look i(cid:374)te(cid:396)(cid:374)ally to see (cid:449)hat you"(cid:396)e good at. Typical source of competitive advantage: cost & quality, knowledge & speed, barriers to entry. New entrants may need to make large investments in capital equipment, or. Existing firms may have earned strong customer loyalties that may be difficult for new entrants to overcome: financial resources, technology. Is the continuous planning, monitoring, and assessment of all that is necessary for an organization to meet its goals and objectives: the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage, strategic analysis.