Management and Organizational Studies 1023A/B Lecture Notes - Lecture 1: World Economy, Technology Adoption Life Cycle

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1023A/B
• Professor: Linda Eligh

Document Summary

Strategic competitiveness: is achieved when a firm successfully formulates and implements a value creating strategy. Strategy: is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. Competitive advantage: implementing a strategy that creates superior value for customers and competitors are unable to duplicate or find too costly to try to imitate. Above average returns: returns in excess of what an investor expects to earn from other investments with a similar amount of risk. Risk: an investors uncertainty about the economic gains or losses that will result from a particular investment. Average returns: returns equal to those an investor expects to earn from other investments with a similar amount of risk. Strategic management process: the full set of commitment, decisions, and actions required for a firm to achieve strategic competitiveness and earn above average returns. Hypercompetition is a term often used to capture the realities of the competitive landscape.