[GMS 401] - Midterm Exam Guide - Everything you need to know! (19 pages long)

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 401
• Professor: Kalinga Jagoda

Document Summary

Competitive advantage: the creation of unique advantage over competitors. Mission statements tell an organization where it is going, and it provides boundaries and focus. Strategy: tells the organization how to get its missions and goals. Mission: the purpose or rationale for an organizations existence. Strategies exploit opportunism and strengths, neutralize threats, and avoid weaknesses. Uniqueness can go beyond the physical characteristics and service attributes to encompass everything that impacts customers perception of value. Differentiation: distinguishing the offerings of an organization in a way that the customer perceives as adding value. Experience differentiation: engaging a customer with a product through imaginative use of the five senses so the customer experiences the product. Low cost leadership: provide the maximum value as perceived by customer. Response: a set of values related to rapid flexible, and reliable performance. Flexibility is matching market changes in design innovation and volumes. The ratio of outputs divided by the inputs.