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EXAM REVIEW- STRATEGIC MANAGEMENT.docx

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Department
Administration
Course
ADM1100
Professor
All Professors
Semester
Fall

Description
Strategic managementCompetitive Advantage The ability of a firm to win consistently ie gain greater profits than competitors over the long term in a competitive situation Competitive advantage is created through the achievement of five qualitiesSuperiorityAre you significantly better than your competitors At what things are you betterInimitabilityManagers must create barriers that make it hard for others to copy their superiority advantagessize culture product design marketing strategies othersDurabilityLegally protected patents copyrights brand names well established brand image reputation for qualityNonsubstitutabilityCan the customers need that you fulfill be met by alternative means Encyclopedias vs information availability on the Internet Premium chocolate taste treat vs that of premium ice creamAppropriabilityCan you actually capture the profits that can be made in the business Supernormal returns eg profits that are above the average for a comparable set of firms primarily a function of greaterthanaverage costprice marginsStrategic management processSetting DirectionStrategic management process is a planning process in which managers1 Set the organizations general direction and objectives2 Formulate a specific strategy3 Technological leadershipRevenue growthCash flowProfitabilityOperating efficiency eg costs per unit Customer satisfactionexpense per employeeMarket shareFinancial returns eg return on equity return on assetsPlan and carry out the strategys implementation4 Monitor results and make necessary adjustmentsStrategic vision what the organization ultimately wants to be and do General identity direction and
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