ITM 100 Lecture : Class 2

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ITM 100 Full Course Notes
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ITM 100 Full Course Notes
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A number of different tasks need to be coordinated to deliver a product or service therefore a company needs a business strategy. Michael porter states that a strategy is a broad-based formula for how a business is going to compete, what its goals should be, and what plans and policies will be needed to carry out those goals. He suggests if an industry is attractive and few barriers, then more competitors will enter and increase competition. More barriers than hard for competitors to enter the entity. Bargaining power of both suppliers and buyer help create and sustain competitive advantage. Open system model indicates that a business operates by transforming inputs into outputs and by constantly interacting with its environment. Stakeholder is a person or entity that has a interest in and an influence on how a business will function in order to succeed.

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