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York University
Administrative Studies
ADMS 4900
Kelly Thomson

Jan.09/2013 Lecture 1 Chapter 1—Creating Competitive Advantages What is Strategic Management? - managers need to be proactive, anticipate change and continually refine their strategies - way of thinking throughout the organization - make major and minor changes - challenge is: 1. decide on strategies that are advantageous and can be sustained 2. execute those strategies in midst of unstable environment Defining Strategic Management - made up of analysis, decisions, and actions organization undertakes to create and sustain competitive advantage 1. analysisvision, mission and strategic objectives and internal/external environment decisions what industries should we compete in? and how to compete in those industries? actions take required actions to implement necessary strategies (allocating resources) 2. how should we compete to create competitive advantage? ~ low cost vs. unique how to be low cost or unique so that competitors cannot copy? - competitive advantage is what makes one company’s offering superior to its competitors ~ superiority is decided by consumer - operational effectiveness total quality, just in time, benchmarking, outsourcing ~ performing similar activities better than rivals Four Key Attributes of Strategic Management 1. what is best for the overall organization ~ organization vs. individual rationality 2. includes multiple stakeholders in decision making 3. incorporates short term and long term perspectives (‘creative tension’) ~ vision for the future but still focus on present operating needs 4. recognize tradeoffs between efficiency and effectiveness ~ doing the right thing and doing things right The Strategic Management Process - intended strategy rarely survives in real world due to unforeseen environmental developments, unanticipated resource constraints, or changes in managerial preferences - realized strategy is combo of deliberate and emergent strategies 1. Strategy Analysis - make sense of elements and the interactions that formed the organizations world in the past - look at goals/objectives ~ allow for allocation of resources effectively - scan external environment (industry environment and general environment) - internal environment ~ helps identify strengths and weaknesses ~ look at value chain and locate potential sources of competitive advantage - intellectual assets (human knowledge, patents, trademarks) 2. Strategy Formulation - business level how to compete in business environment to attain competitive advantage ~ cost leadership, differentiation - corporate level which businesses to compete in? how business is to be managed to create synergy? ~ mergers, acquisitions, joint ventures, strategic alliances - international strategie
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