GMS 200 Lecture : Chapter 7 gms.docx

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GMS 200 Full Course Notes
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GMS 200 Full Course Notes
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Competitive advantage the ability to do something so well that one outperforms competitors. Typical sources of competitive advantage include cost and quality, knowledge and speed, barriers to entry and financial resources. Sustainable competitive advantage ability to outperform rivals in ways that are difficult or costly to imitate. Strategy a comprehensive plan guiding resource allocation to achieve long term organization goals. Strategic intent focuses and applies organizational energies on a unifying and compelling goal. There are three levels of strategy: corporate, business and functional. Corporate strategy sets long term direction for the total enterprise (ex. growth and diversification strategies, restructuring strategies, global strategies, e-business strategies, cooperative strategies) Business strategy identifies how a division or strategic business unit will compete in its domain. Functional strategy guides activities within one specific area of operations (supports business strategies) Strategic management process of creating and implementing strategies. Strategic analysis process of analyzing the organization, the environment, and the organization"s competitive position and current strategies.

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