GMS 200 Chapter 4: Chapter 4
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GMS 200 Full Course Notes
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Competitive advantage: allows organization to deal with market and environmental forces better than its competitors. Ability to do things better than one"s competitor. Specific environment: includes people and groups w/ whom an organization interacts. Stakeholders: are the persons, groups, and institutions directly affected by an organization"s performance. Task environment specific environment and the stakeholders are distinct for each organization. Environmental uncertainty: lack of complete information about the environment (rate of change in environment, complexity of environment [# of different factors] External customers: purchase goods produced or utilize the services provided. Individuals and groups who use or otherwise depend on one another"s work in order to do their own jobs as well. Customers drive competitive advantage: looking for: high quality, reasonable price, on-time delivery, excellent service. Always protect reputation for quality products, always treat customers well. Customer relationship management (crm): strategically t ries to build lasting relationships with, and add value for, customers.