GMS 200 Lecture Notes - Lecture 7: Swot Analysis, Strategic Management, Strategy Guide

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Bamidele Adunkele

Document Summary

The ability to do something so well that one outperforms competitors. The goal becomes creating sustainable competitive advantage the ability to outperform rivals in ways that are difficult or costly to imitate. Strategy is the way of achievement for sustainable competitive advantage. A strategy is a comprehensive plan guiding resource allocation to achieve long-term organization goals: best guess of what should be done for the future. Strategic intent focuses and applies organizational energies on a unifying and compelling goal. Corporate-level strategy: directs the organization as a whole toward sustainable competitive advantage. It sets long-term direction for the total enterprise: in what industries and markets should we compete? . Business-level strategy: strategy for a single business unit or product line. The selection of strategy at the business level involves answering this question: how are we going to compete for customers in this industry and market? . Functional strategy: guides activities within one specific area of operations.