GMS 200 Lecture Notes - Lecture 6: Airbnb, Competitive Advantage, Strategic Planning

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Chapter 10 Strategy and Strategic Management
Basic concepts of Strategy:
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 e.g. airbnb, Apple
Sources of Competitive advantages:
Technology - gain operating efficiency, market exposure
Cost and quality - greater efficiency and product/service quality
Knowledge and speed - better at innovation & speed of delivery to market for new
ideas
Barriers to entry - market stronghold
Financial resources - better investment or loss absorption potential
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 - three levels of strategy in organization
Corporate-Level Strategy
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Directs the organization as a whole toward sustainable competitive advantage
Set direction and guide resource allocations for the entire enterprise
Identify how large and complex organizations can compete across multiple industry
and markets
Business-Level Strategy
Sets direction for a single business unit or product line
How to compete for customers in the industry and market?
Decisions about product and service mix, facilities location and new technologies
Functional Strategy
guides the use of organizational resources to implement business strategy
How to best utilize resources within a function to implement the business strategy?
Focus on activities within a specific functional area e.g. marketing, finance, human
resources, etc
Strategic Management Process
The process of formulating and implementing strategies to accomplish log-term
goals and sustain competitive advantage
Essentials of Strategic Analysis
Stage for assessing the organization’s resources and capabilities as well as
opportunities and threats in its external environment.
Analysis of mission:
The reason for an organization's existence
Good mission statements identify:
What are we moving to?
What is our future?
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GMS 200 Full Course Notes
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Document Summary

Chapter 10 strategy and strategic management competitors imitate e. g. airbnb, apple. Competitive advantage - ability to do something so well that one outperforms. Sustainable competitive advantage - one that is difficult or costly for competitors to. Technology - gain operating efficiency, market exposure. Cost and quality - greater efficiency and product/service quality. Knowledge and speed - better at innovation & speed of delivery to market for new. Financial resources - better investment or loss absorption potential. Strategy a comprehensive plan guiding resource allocation to achieve long-term. Strategic intent focusing all organizational energies on a unifying and compelling goal. Strategic management - three levels of strategy in organization organization goals. Directs the organization as a whole toward sustainable competitive advantage. Set direction and guide resource allocations for the entire enterprise. Identify how large and complex organizations can compete across multiple industry. Sets direction for a single business unit or product line.

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