GMS 200 Study Guide - Cost Leadership, Infomediary, Incrementalism

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Bamidele Adekunle

Document Summary

Monopoly: only one player and no competition, creates absolute competitive advantage. Oligopoly: few players not directly competing against each other. Hyper-competition: several players directly competing against each other, any competitive advantage is only temporary. Involves assessing existing strategies, organizations, and environments to develop new strategies and strategic plans capable of delivering future competitive advantage. Strategic management process (for the steps, refer to textbook): March 11, 2014: the process of allocating resources and putting strategies into action, all organizational and management systems must be mobilized to support and reinforce the accomplishment of strategies. Identify organizational mission and objectives: assess current performance vis-a-vis mission and objectives, create strategic plans to accomplish purpose and objectives. Implement the strategic plans: evaluate results; change strategic plans and/or implementation processes as necessary. Analysis of mission: the reason for an organization"s existence, good mission statements identify: customers, products and/or services, location, underlying philosophy, an important test of the mission is how well it serves the organization"s stakeholders.