GMS 200 Chapter Notes - Chapter 7: Strategic Business Unit, Strategic Alliance, Strategic Management

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Shavin Malhotra

Document Summary

Competitive advantage ability to do something so well that one outperforms competitors. Sustainable competitive advantage ability to outperform rivals in ways that are difficult or costly to imitate. Strategy comprehensive plan guiding resource allocation to achieve long term organization goals. Strategic intent focuses and applies organizational energies on a unifying and compelling goal. Corporate strategy sets long term direction for the total enterprise. Business strategy identifies how a division or strategic business unit will compete in its product or service domain (strategic business unit a,b,c) Functional strategy guides activities within one specific area of operations (finance, hr, Strategic management is the process of formulating and implementing strategies. Strategic analysis process of analyzing the organization, the environment and the organizations competitive position and current strategies. Strategy formulation process of crafting strategies to guide the allocation of resources. Strategy implementation process of putting strategies into action. Mission statement expresses the organizations reason for existence in society.