ADMS 4900 Lecture Notes - Lecture 1: Stakeholder Management, Strategic Management, Competitive Advantage

• School: York University
• Department: Administrative Studies
• Course: ADMS 4900
• Professor: Kelly Thomson

Document Summary

Strategic management: are the decisions and actions organizations undertake to create and sustain competitive advantage affect a firms success. External control - focus is on external factors that may positively or negatively. Rather than a view that leader is most important contributor to success and failure of the firm. Competitive advantage: is (cid:449)hat (cid:373)akes a (cid:272)o(cid:373)pa(cid:374)y"s offe(cid:396)i(cid:374)gs supe(cid:396)io(cid:396) to those of its competitors. Superiority is in the eyes of the customers (can include superior quality, unique and valuable features, customized offerings to consumer needs, lower-priced products) First strategic management has three ongoing processes in strategic management: Can not be achieved through operational effectiveness alone (ex total quality: how should we compete to create competitive advantage, how can we creative competitive advantages that are difficult to copy or. Sustainable competitive advantage is only possible through performing diff. The three processes that are central to strategy management are analysis, decisions, and actions, and do not take place in a sequential fashion.