ADMS 1000 Lecture Notes - Lecture 5: Premium Pricing, Market Saturation, Cost Leadership

• School: York University
• Department: Administrative Studies
• Course: ADMS 1000
• Professor: Shahab Modirmassihai

Document Summary

Ap/adms 1000 lecture # 5 business strategy. Consist of the analysis, decisions an implementations and evaluations a firm undertakes in order to create and sustain its competitive advantages. An ongoing process of analyzing the external and internal environments, making decisions about what kinds of strategies to pursue, implementing the strategies, and evaluating the outcomes to make changes. Strategy is defined as the plans made or the actions taken, in an effort to help an organization/firm obtain its intended purposes. Putting both strategy and strategic management together, a firm can be viewed as a goal-directed entity. Although strategy is a goal-directed and intended, it sometimes can unintentionally evolve with either internal or external environment. Due to the unpredictability of the environments, managers in organizations/firms cannot thoroughly plan out any strategy that would achieve goals of their firms. Industry: a group of organizations/firms that share similar resource requirements. Allows us to systematically assess the industry environment.