GMS 200 Chapter Notes - Chapter 7: Competitive Advantage, Infomediary, Customer Service

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Deborah De Lange

Document Summary

Whether a start-up or a corporation, setting strategic direction and execution of it are critical. A strategy is a comprehensive action plan that identifies long-term direction for an organization and guides resource utilization to accomplish goals with sustainable competitive advantage. You develop an advantage for the long term that is hard for other competitors to copy. Strategic management is the process of formulating and implementing strategies to accomplish long-term goals and sustainable competitive advantage. Strategic implementation is the process of allocation resources and putting strategic formulation into action. Competitive advantage is operating with an attribute that allows an organization to outperform its rivals. The first step of the strategic management process is the process of analyzing the organization, the environment, and the organization"s competitive position and current strategies. Porter"s 5 forces (industry competitors, new entrants, substitute products or services, bargaining power of suppliers, bargaining power of customers)