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Chapter 9

Chapter 9 notes

9 Pages
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Department
Global Management Studies
Course Code
GMS 200
Professor
Shavin Malhotra

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Chapter 9: Strategic Management
Strategic Competitiveness
Competitive advantage: comes from operating in successful ways that are difficult
to imitate
Sustainable competitive advantage: one that is difficult for competitors to
imitate
What is a Strategy?
Strategy: is a comprehensive plan guiding resource allocation to achieve long-term
organization goals
Strategic intent: focuses and applies organizational energies on a unifying and
compelling goal
Strategic Management
Strategic management: is the process of formulating and implementing strategies to
accomplish long-term goals and sustain competitive advantage
Strategic Management Goals
Above-average returns: exceed what could be earned from alternative investments
of equivalent risk
Monopoly environment: only one player and no competition. Creates absolute
competitive advantage that deliver sustainable and even excessive business profits
Oligopoly environment: few players who compete against one another. Sustain
long term competitive advantages within defined market segments
Environment of hypercompetition: there are at least several players who directly
compete with one another
The Strategic Management Process
Strategy formulation: is the process of creating strategies, involves assessing
existing strategies, organization, and environment to develop new strategies capable
of delivering future competitive advantage
Five strategic questions
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oWhat is our business mission
oWho are our customers
oWhat do our customers consider value?
oWhat have been our results?
oWhat is our plan?
Strategy implementation: is the process of putting strategies into action
Analysis of Mission, Values and Objectives
Mission
Mission: Is the organizations reason for existence in society
Represent strategy or underling business model is trying to accomplish
Mission Statement: identifies the domain in which the organization intends to
operate-including the customers it intends to serve, the products and or services it
intends to provide, and the location in which it intends to operate
Stakeholders: are individuals and groups directly affected by an organization and
its accomplishments
Strategic constituencies analysis: specific interests of each stakeholder are
assessed along with the organizations record in responding to them
Core Values
Organizational culture: is the system of shared beliefs and values that guides
behaviour in an organization
Presence of strong core values for an organization helps build institutional identify
Objectives
Operating objectives: are specific results that organizations try to accomplish
Operating objectives of a business:
oProfitability
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oMarket share
oHuman talent
oFinancial health
oCost efficiency
oProduct quality
oInnovation
oSocial Responsibility
Analysis of Organizational Resources and Capabilities
SWOT Analysis: examines organizational strengths and weaknesses, and
environmental opportunities and threats
Core competency: is a special strength that gives an organization a competitive
advantage. Eg. Special knowledge or expertise, superior technologies, efficient
manufacturing technologies, or unique product distribution systems
oMust be relative to competition
Analysis of Industry and Environment
Macroenvrionment: technology, government, social structures, population
demographics, the global economy, and the natural environment
Industry environment: resource suppliers, competitors, and customers
Porters Five Forces Model
oIndustry competitors: intensity of rivalry among firms in the industry
oNew entrants
oPower of Suppliers
oPower of Customers
oSubstitutes
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Description
Chapter 9: Strategic Management Strategic Competitiveness Competitive advantage: comes from operating in successful ways that are difficult to imitate Sustainable competitive advantage: one that is difficult for competitors to imitate What is a Strategy? Strategy: is a comprehensive plan guiding resource allocation to achieve long-term organization goals Strategic intent: focuses and applies organizational energies on a unifying and compelling goal Strategic Management Strategic management: is the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage Strategic Management Goals Above-average returns: exceed what could be earned from alternative investments of equivalent risk Monopoly environment: only one player and no competition. Creates absolute competitive advantage that deliver sustainable and even excessive business profits Oligopoly environment: few players who compete against one another. Sustain long term competitive advantages within defined market segments Environment of hypercompetition: there are at least several players who directly compete with one another The Strategic Management Process Strategy formulation: is the process of creating strategies, involves assessing existing strategies, organization, and environment to develop new strategies capable of delivering future competitive advantage Five strategic questions www.notesolution.com
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