BUS 478 Study Guide - Midterm Guide: Strategic Management, Competitive Advantage, Product Differentiation

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 478
• Professor: Rui Jorge Basto da Silva

Document Summary

These notes are made from the testbook and test. Strategic competitiveness - strategic 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. Competitive advantage when a firm implements a strategy that creates superior value for customers and that its competitors are unable to duplicate or find too costly to imitate. Above average returns excess returns of what an investors expected to earn from other investments with similar amounts of risk - risk is in investors uncertainty bout gains/losses. Strategic management process - is the full set of commitments, decisions and action required for a firm to achieve strategic competitiveness and earn above-averae resturns. Two models used to gather info required in determining the best strategy. Io model suggest that the external environment is the primary determinant of a firm"s strategic actions.