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GMS 200 (566)
Chapter 7

Chapter 7 - Strategy and Strategic Management.docx

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Ryerson University
Global Management Studies
GMS 200

1Strategy and Strategic Management 1Strategic management aCompetitive advantagethe ability to do something so well that one outperforms competition iSources1Cost and quality 2Knowledge and speed3Barriers to entry 4Financial resources iiSustainable competitive advantage 1Ability to outperform rivals in waysthat are difficult and costly to imitate bStrategy and strategic intent iStrategy 1Comprehensive plan guiding resource allocation to achieve longterm organizational goals iiStrategic intent 1Focuses and applies organizational energies on a unifying and compelling goals cLevels of strategy iCorporate level strategy 1Set long term direction 2What business are we in3Sets direction allocates resources for entire firm iiBusiness level strategy 1Identifies how division or SBU will compete in its product domain 2How do we compete in each of our businesses3Choices about production units mix facility locations new technology iiiFunctional strategy1Guides activities within one specific area of operations
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