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GMS 200 (566)
Chapter 9

Chapter 9 notes

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Ryerson University
Global Management Studies
GMS 200
Shavin Malhotra

Chapter 9: Strategic Management Strategic Competitiveness Competitive advantage: comes from operating in successful ways that are difficult to imitate Sustainable competitive advantage: one that is difficult for competitors to imitate What is a Strategy? Strategy: is a comprehensive plan guiding resource allocation to achieve long-term organization goals Strategic intent: focuses and applies organizational energies on a unifying and compelling goal Strategic Management Strategic management: is the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage Strategic Management Goals Above-average returns: exceed what could be earned from alternative investments of equivalent risk Monopoly environment: only one player and no competition. Creates absolute competitive advantage that deliver sustainable and even excessive business profits Oligopoly environment: few players who compete against one another. Sustain long term competitive advantages within defined market segments Environment of hypercompetition: there are at least several players who directly compete with one another The Strategic Management Process Strategy formulation: is the process of creating strategies, involves assessing existing strategies, organization, and environment to develop new strategies capable of delivering future competitive advantage Five strategic questions www.notesolution.com
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