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

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Bamediele Adukunle

Document Summary

Today"s management environment places a great premium on competitive advantage and how it is achieved, or not, through strategy and strategic management . Is the ability to do something so well that one outperforms competitors. Organizations pursue competitive advantage in different ways. Sustainable competitive advantage: the ability to outperform rivals in ways that are difficult or costly to imitate (will apple"s ipad sustain it competitive advantage?) If sustainable competitive advantage is the goal, strategy is the means to its advantage. Strategy: a comprehensive plan guiding resource allocation to achieve long-term organization goals. It is a best guess about what must be done for future success in the face of rivalry and changing conditions. Companies back in the days had more control of the market, but that strategy has changed a lot because now the customer controls the market. Firms must therefore come up with strategies that are driven by customers and economic realities.