MGT 4394 Lecture Notes - Lecture 4: Dominant Design, Trade Secret
Document Summary
Strategic management lecture #4: strategic thinking conclusion, operations collection of resources a. i. Competitive advantage through effective use of resources: organizational, general organizational resources a. i. Brand names & ip a. ii. 1. a. ii. 2. a. ii. 3. a. ii. 4. Contracts & licenses (abc, zoning, f&b, etc. ) a. iv. Access to raw materials: human resources c. i. Financial strength: 4 basic processes to strategic management, situational analysis external evaluation, strategic direction establishment organizational mission & goals, strategy formulation process of planning strategies c. i. Functional departmental decision-makers (rooms division, housekeeping, etc. : strategy implementation, external environment assessment, organization a. i. Local government/ government policies: external environment, socio-cultural what environment we are involved in and issues facing it a. i. Growth consumer demands/ availability of resources b. ii. b. iii. Exchange rates foreign ventures, profits, consumer travel, Inflation rates interest rates* costs government policies, etc. b. iv. Trade deficits trade barriers, government policies: political laws, regulations and policies c. i. 3 ways to keep up with trends and innovation d. i. 1. Innovations often emerge from existing technology d. i. 2. d. i. 3.
