MGSC01H3 Chapter Notes - Chapter 1: Differentiator
30 Dec 2011
School
Department
Course
Professor
Document Summary
Three overarching themes three themes that are critical to developing competency in the field of strategic management are: Sequence of initiatives? to make sure that strategy formulation is comprehensive and well informed to translate good ideas into actions that can be executed (and sometimes to use execution to generate or identify good ideas) What is competitive advantage? the activities of strategic management are based on the assumption that firms attempt to achieve a position of competitive advantage. Summary of challenges: understand what strategy is and identify the difference between business-level and corporate-level strategy. Strategic management is the process by which a firm manages the formulation and implementation of its strategy. A strategy is the central, integrated, externally oriented concept of how a firm will achieve its objectives. Strategies typically take one of two forms: business strategy or corporate strategy. The objective of a business strategy is to spell out how the firm plans to compete.
