MGT 300 Lecture Notes - Lecture 6: Jiffy Lube, Competitive Advantage, Carmike Cinemas

• School: University of Alabama
• Department: Management
• Course: MGT 300
• Professor: Daniel Bachrach

Document Summary

Large-scale action plan that sets the direction for an organization: strategic management. Process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals. What is an effective strategy: strategic positioning. Attempts to achieve sustainable competitive advantage by preserving what is distinctive about a company: strategy requires trade-offs in competing, strategy is the creation of a unique and valuable position. (cid:498)performing different activities from rivals, or performing similar activities in different way(cid:499) Few needs, many customers jiffy lube. Broad needs, few customers wealth mgt. Activities align and reinforce one another personal connection, sympathy. Why strategic management & strategic planning are important. Example on page 161: provide direction and momentum, encourage new ideas, develop a sustainable competitive advantage, sustainable competitive advantage occurs when an organization can stay ahead in four areas: Assess the current reality: current reality assessment what could be different so as to maximize efficiency and effectiveness in.