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Chapter 5

Corporate and Business Strategy - Chapter 5

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Administrative Studies
ADMS 1000
Peter Modir

Strategic management consists of the analysis decisions implementations and evaluations a firm undertakes to create and sustain its competitive advantagesStrategy is the plans made or the actions taken in an effort to help an organization or firm obtain its intended purposesStrategy can change unexpectedly due to issues in the internal or external environment For example SARS outbreakhospitality industry had to pursue many different strategies in an attempt to win back tourists which included price cutsIndustrya group of organizations or firms that share similar resource requirements in raw materials labour technology and customersThe FiveForces model attempts to evaluate the attractiveness of an industry The following are the forces that affect industry structureIt provides managers with an assessment of the industry structure to help get some sense of industry attractiveness The 5Forces model is static and assumes all firms experience the forces in the same way
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