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Chapter 2

GMS401- Chapter 2- Competitiveness, Strategic planning, and Productivity.docx

2 Pages

Global Management Studies
Course Code
GMS 401
Sam Lampropoulos

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GMS401- Chapter 2- Competitiveness, Strategic planning, and Productivity Competitiveness  Competitiveness- ability and performance of an organization in the marketplace compared to other organizations that offer similar goods or services  Strategy- long term plans that determine the direction an organization takes to become (or remain) competitive  Strategic planning- managerial process that determines a strategy for the organization  Teamwork and rewards—organizations can develop its capabilities (core competencies)  Key purchasing criteria- major elements influencing a purchase: price, quality, variety, and timeliness o Price- amount customer must pay for goods or services o Quality- characteristics of a good or service determined by its design, material, workmanship, performance, and consistence o Variety- choice of models and options available o Timeliness- availability of goods and services when they are needed  Most customer trade odd price against the other purchasing criteria and chose the ‘best buy’ or ‘best value’ o Value= quality, timeliness, etc. / price  Complex purchases—customers may chose 2 categories of purchasing o Order qualifiers- purchasing criteria that customers perceive as minimum standards of acceptability to be considered for purchase o Order winner- purchasing criteria that cause the organization to be perceived as better than the competition  Competitive priorities- the importance given to operations characteristics: cost, quality, flexibility, and delivery o Cost- unit production of a good or performance of a service to the organization o Quality- organizations perspective means determining customers quality requirements o Flexibility- being able to produce a variety of goods and services in the same facility o Delivery- being able to consistency meet promised due dates by producing goods or performing services on time or quickly Strategic planning  Process of determining a strategy, long term plans that will set a new direction for an organization, and implementing it through allocation of resources and action plans  SWOT—strengths, weakness, opportunities, threats  Detailed strategic planning process o Getting started o Analyze the industry and source of competitive advantage o Analyze customers o Analyze competitors o Assess our relative position o Assess the state of our business o Develop and evaluate alternative strategies o Choose and refine the recommended strategy o Identify major actions and implement them  Mission- where the organization is going now  Vision- where the organization desires to be in the future  Values- shared beliefs of the organizations stakeholders  Helps build consensus within the organization as well  Important that a organization have a clear and simple mission, vision, and values  Mission/ vision—general direction for an organization and should lean to organizational goals  Objective is a specific goal containing numerical values o E.g. a company’s objective may be to reduce 25% of costs  Long term functional plans—functional strategies  Tactics- medium-term plans used as components of a strategy  Action plan- medium or short term project to accomplish a specific objective, assi
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