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Lecture

Week 10

5 Pages
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Department
Administrative Studies
Course Code
ADMS 1000
Professor
Eytan Lasry

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Description
ADMS 1000 Week 10 Eytan LasryNovember 17 2011 Strategic ManagementWhy are some organizations more successful than others How can businesses create and sustain a competitive advantageChapter 9What is Strategic ManagementThe analyses decisions and implementations a firm undertakes to create and sustain its competitive advantage Why are some firms successful than others o Strategic management attempts to explain differential performance External and internal models for explaining competitive advantage Analyzing the External EnvironmentIndustry structure analysis o Group of firms with similar resources requirements in raw materials labour technology customers o The airline industry the beer brewing industryo Are amazoncom and indigo bookstores in the same industry The FiveForces model attempts to evaluate the attractiveness of an industry Based on distorting perfectly competitive markets to generate monopolistic profitso ie the less competition the more profits for firms The FiveForces ModelCompetitive Rivalryo threat of new entrants obargaining power of buyers othreat of substitute products obargaining power of suppliers 1Threat of New EntrantsCan be new firms or diversifying entrantsIncumbents must create barriers to entry o Economies of scaleo Capital requirements o Switching costs for buyers
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