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Department
Global Management Studies
Course
GMS 200
Professor
Horatio Morgan
Semester
Winter

Description
Chapter 7Strategy and Strategic Management Competitive advantagethe ability to do something so well that one outperforms competitors Typical sources of competitive advantage i cost and qualitywhere strategy drives an emphasis on operating efficiency and product or service quality ii knowledge and speedwhere strategy drives an emphasis on innovation and speed of delivery to market for new ideasiii barriers to entrywhere strategy drives an emphasis on creating a market stronghold that is protected from entry to othersiv financial resourceswhere strategy drives an emphasis on investments or loss absorption that competitors cant match Sustainable competitive advantagethe ability to outperform rivals in ways that are difficult or costly to imitate Strategy and Strategic IntentStrategya comprehensive plan guiding resource allocation to achieve longterm organization goalssustainable competitive advantage Strategic intentfocuses and applies organizational energies on a unifying and compelling goal all energies directed toward accomplishing a long term target or goal Levels of Strategy Corporate level strategysets long term direction for the total enterprise directs the organization as a whole toward sustainable competitive advantageanswers the question what businesses are we in and what industries and markets should we compete incorporate strategic decisions include acquisitions expansions and cutbacks Business level strategyidentifies how a division or strategic business unit will compete in its product or service domainanswers the question how are we going to compete for customers in this industry and marketbusiness strategic decisions include choices about product and service mix facilities locations new technologiesstrategic business unitSBU is often used to describe a single business firm within a larger enterprise Functional strategyguides activities within one specific area of operationsanswers the question how can we best utilize resources within a function to implement our business strategyfunctional strategic decisions include choice of management practices to improve operating efficiency product or service quality customer service marketing finance etc The Strategic Management ProcessStrategic managementthe process of formulating and implementing strategies
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