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Chapter 9

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Global Management Studies
GMS 200
Jian Guan

Chapter 9 Strategic ManagementStudy Question 1 What are the foundations of strategic competitivenessBasic concepts of strategyCompetitive advantageoperating with an attribute or set of attributes that allows an organization to outperform its rivalsSustainable competitive advantageone that is difficult for competitors to imitateBasic concepts of strategy contStrategya comprehensive action plan that identifies longterm direction for an organization and guides resource utilization to accomplish organizational goals with sustainable competitive advantage Strategic intentfocusing all organizational energies on a unifying and compelling goalBasic concepts of strategy contStrategic managementthe process of formulating and implementing strategies to accomplish longterm goals and sustain competitive advantageGoal of strategic management is to create aboveaverage returns for investorsReturns exceeding those for alternative opportunities at equivalent risk Earning aboveaverage returns depends in part on the organizations competitive environmentEnvironments and competitive advantageMonopolyOnly one player and no competitionCreates absolute competitive advantageOligopolyFew players not directly competing against each otherLongterm competitive advantage in defined market segmentHyper competitionSeveral players directly competing against each otherAny competitive advantage is only temporaryStudy Question 2 What is the strategic management process Strategy formulationThe process of creating strategyInvolves assessing existing strategies organization and environment to develop new strategies and strategic plans capable of delivering future competitive advantageStrategic question for strategy formulationWhat is our business missionWho are our customersWhat do our customers consider valueWhat have been our resultsWhat is our plan
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