GMS 200 Lecture 6: Chapter-7

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

Document Summary

What is a strategy? a strategy us a comprehensive action plan that identifies long-tern direction for an organization and guides resource utilization to accomplish goals with sustainable competitive advantage. Strategic management is the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage strategy formulation is the process of creating strategy. Competitive advantage competitive advantage refers to operating with an attribute that allows an organization to outperform its rivals. Typical sources of competitive advantage include: cost and quality knowledge and speed barriers to entry financial resources a sustainable competitive advantage - difficult for competitors to imitate. Strategic intent all organization energies are directed toward a unifying and compelling target or goal. Three levels of strategy corporate strategy, business strategy, and functional strategy corporate strategy directs the organization as a whole towards sustainable competitive advantage. In what industries and markets should we compete? acquisitions, new business development, divestitures.