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

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Rasha Nasra

Document Summary

Strategy and strategic management: management 4th cdn ed, chapter 10, glo-bus simulation. Discuss the process and importance of strategic management. Strategic management process: essentials of strategic analysis. Portfolio planning model: growth and diversification strategies. Focus strategy: strategy implementation, management practices and systems. Competitive advantage ability to do something so well that one outperforms competitors. Sustainable competitive advantage one that is difficult or costly for competitors to imitate. Strategy a comprehensive plan guiding resource allocation to achieve long-term organization goals. Strategic intent focusing all organizational energies on a unifying and compelling goal. Strategic management the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage. Strategic management process stages: strategic analysis process of analyzing the organization, the environment, its competitive positioning, and current strategies, strategy formulation. Involves assessing existing strategies, organization, and environment to develop new strategies and strategic plans capable of delivering future competitive advantage: strategy implementation.