MGT 409 Lecture Notes - Lecture 1: Michael Ovitz, Herb Kelleher, Stakeholder Management

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Strategy is anything you can do to gain an advantage over the competition. Strategic management is the study of why some firms outperform others. 3 basic parts: analysis, formulation and implementation. Or any of the xbox live games; halo, call of duty, left 4. In all of these games you"re trying to gain an advantage over the other guys. Do you perform better during an interview? o. People and firms that figure out how to gain an advantage will outperform those that don"t. Defined as the analyses, decisions and actions taken to create and sustain competitive advantage. The big problem with any competitive advantage is sustaining it. Anything that can be copied or imitated will be; anything that can be purchased will be purchased by the competition from the same vendors we used. Even ground-breaking ideas like just-in-time (jit) logistics and tqm will be industry standard sooner or later. Management: science of getting necessary work done using other people.

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