MGCR 423 Study Guide - Midterm Guide: Strategic Management, Core Competency, Competitor Analysis

• School: McGill University
• Department: Management Core
• Course: MGCR 423
• Professor: ilyapoletaev

Document Summary

Strategic competitiveness: is achieved when a firm successfully formulates and implements a value-creating strategy. Strategy: is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. The firm"s choice of strategy decides how they will pursue strategic competitiveness. A chosen strategy indicates both what the firm will do and not do at the same time. Competitive advantage: when a firm implements a strategy that creates superior value for customers and its competitors are unable to duplicate or find too costly to imitate. Above average returns; risk; average returns (self-explanatory concepts) Strategic management process: commitments, decisions, actions which lead to firm"s strategic competitiveness and above average returns. Hypercompetition: market is inherently instable and changing due to globalization: which is driven by global economy and technology. Global economy: goods, people skills and ideas move freely across borders, relatively unaffected by artificial constraints - tariffs etc. , brings opportunities and challenges.