GMS 200 Chapter Notes - Chapter 7: Strategic Business Unit, Swot Analysis, Core Competency

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Lori Anne Heckbert

Document Summary

The ability to do something so well that one outperforms competitors. Sustainable competitive advantage the ability to outperform rivals in ways that are difficult or costly to initiate. Strategy a comprehensive plan guiding resource allocation to achieve long-term organizational goals. Strategic intent focuses and applies organizational energies on a unifying and compelling goal. Corporate-level strategy sets long-term direction for the total enterprise. Business-level strategy identifies how a division or strategic business unit will compete in its product or service domain. Functional strategy guides activities within one specific area of operations. Strategic management the process of formulating and implementing strategies. Strategic analysis the process of analyzing the organization, the environment, and the organization"s competitive position and current strategies. Strategy formulation the process of crafting strategies to guide the allocation of resources. Strategy implementation the process of putting strategies into action. Mission statement expresses the organization"s reason for existence in society.