GMS 200 Chapter Notes - Chapter 7: Swot Analysis, Strategic Management, Competitive Advantage
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GMS 200 Full Course Notes
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Todays management environment places a great premium on competitive advantage and how it is achieved, or not, through strategy and strategic management . Competitive advantage is the ability to do something so well that one outperforms competitiors. The goal becomes creating sustainable competitive advantage, one that is difficult or costly for other to copy or imitate. A strategy is a comprehensive action plan that identifies the long-term direction for an organization and guides resources utilization to achieve sustainable competitive advantage. It is a best guess about what must be done for future success in the face of rivalry and changing conditions. A strategy helps ensure that resources are used with consistent strategic intent, that is, with all energies directed toward accomplishing a long-term target or goal. 3 levels of strategy guide the activities of most enterprises: they are corporate strategy, business strategy, and functional strategy.