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GMS 200 (566)
Chapter 7

Chapter 7 - Strategy And Strategic Management.docx

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Department
Global Management Studies
Course
GMS 200
Professor
Shavin Malhotra
Semester
Fall

Description
StrategyAndStrategicManagementStrategic Managementtrying to gain a competitive advantageCompetitive Advantage is the ability to do something so well that one outperforms competitors Typical source of competitive advantage includeoCost And QualityEmphhasis on operating efficiency and product or service qualityoKnwoledge and Speedwhere strategy drives an emphasis on innovation and spped of delivery to market for new ideasoBarriers To Entry creating a market stronghold protected from entry by othersoFinancial ResourcesInvestments or loss absorption that competitors cant matchSustainable Competitive Advantage is one that is difficult or costly to imitate or copy by competitorsA strategy is a comprehensive plan guiding resource allocation to achieve long term organizational goalsStrategic Intent focuses and applies energies on a unifying and compelling goal longterm For example Coca Colas strategic intent is to Put coke within arms reach of every consumer in the worldLevels Of StrategyThe level of corporate strategy highest level directs the organization as a whole towards sustainable competitive advantage It sets long term direction for the total enterpriseBusiness Strategy identifies how a division or strategic business unit will compete in its product or service domain In singleproduct enterprises business strategy is the corporate strategy It asks questions like How are we going to compete for customers in this industry and marketFunctional Strategy guides activities within one specific area of operations It asks questions like How can we best utilize resources within a function to implement our business strategy These questions typically involve answers like management practices operating efficiency product or service quality customer service innovativeness etcStrategic Management Process
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