GMS 200 Lecture Notes - Lecture 6: Henry Mintzberg, Strategic Management, Retail

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Deborah De Lange

Document Summary

A strategy is a comprehensive action plan that identifies long term direction for an organization and guides resource utilization to accomplish goals with sustainable competitive advantage. Strategic management process of formulating and implementing strategies to accomplish long term goals and sustain competitive advantage: strategic formulation process of creating strategy. It involves assessing existing strategies, organization, and environment to develop new strategies capable of delivering future competitive advantages: strategy implementation process of allocation resources and putting strategies into action. Strategic analysis first step of the strategic management process of analyzing the organization, the environment, the company"s competitive positions and current strategies. Refers to operating with an attribute or set of attributes that allows an organization to outperform its rivals. Typical sources of competitive advantage included: cost and quality, knowledge and speed, barriers to entry, financial resources. A sustainable competitive advantage difficult for competitors to imitate. All organizational energies are directed toward a unifying and compelling target or goal.