GMS 200 Chapter 9: Chapter 9 notes
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GMS 200 Full Course Notes
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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.