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Chapter 9

Chapter 9

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Global Management Studies
GMS 200
Sui Sui

Chapter 9 Strategic Management Key Study Questions for Chapter 9 1. What are the foundations of strategic competitiveness? 2. What is the strategic management process? 3. What types of strategies are used by organizations? 4. How are strategies formulated? 5. What are current issues in strategy implementation? Study Question 1: What are the foundations of strategic competitiveness? Basic concepts of strategy: o Competitive advantage operating with an attribute or set of attributes that allows an organization to outperform its rivals. o Sustainable competitive advantage one that is difficult for competitors to imitate. o Strategy a comprehensive action plan that identifies long-term direction for an organization and guides resource utilization to accomplish organizational goals with sustainable competitive advantage. o Strategic intent focusing all organizational energies on a unifying and compelling goal. o Strategic management the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage. Goal of strategic management is to create above-average returns for investors. o Returns exceeding those for alternative opportunities at equivalent risk. o Earning above-average returns depends in part on the organizations competitive environment. Environments and competitive advantage: o Monopoly. Only one player and no competition. Creates absolute competitive advantage. o Oligopoly. Few players not directly competing against each other. Long-term competitive advantage in defined market segment. o Hypercompetition. Several players directly competing against each other. Any competitive advantage is only temporary. Study Question 2: What is the strategic management process? Strategy formulation o The process of creating strategy. o Involves assessing existing strategies, organization, and environment to develop new strategies and strategic plans capable of delivering future competitive advantage. www.notesolution.comFigure 9.1 Strategy formulation and implementation in the strategic management process Strategic question for strategy formulation: o What is our business mission? o Who are our customers? o What do our customers consider value? o What have been our results? o What is our plan? Strategy implementation o The process of allocating resources and putting strategies into action. o All organizational and management systems must be mobilized to support and reinforce the accomplishment of strategies. Essential tasks for strategy implementation: o Identify organizational mission and objectives. www.notesolution.com
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