33:620:492 Lecture Notes - Lecture 1: Strategic Management, Competitive Advantage, Stakeholder Management
30 Mar 2016
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Document Summary
What is strategic management: the goal of strategic management: to create and sustain compeiive advantage, strategic management consists of three key phases or processes: Operaional efeciveness and compeiive advantage: operaional efeciveness means performing similar aciviies beter than rivals, does not lead to sustainable compeiive advantage, compeiive advantage. Be diferent perform diferent aciviies from rivals perform similar aciviies in diferent ways. Ofer product or service valued by customers. Strategic analysis: refers to managers" understanding of: The organizaion"s internal and external environment: analysis provides support for the next two phases. Deciding strategy: overall plans that irms develop to compete and outperform their rivals, analysis is used to make decisions that: How do irms compete in a given industry to gain compeiive advantage: corporate-level strategy. How can businesses be managed to achieve synergy: internaional strategy. Acing on strategy: strategic plans are of no use unless they are acted upon, typical areas of acion.
