MGT 3830 Chapter Notes - Chapter 1: Corporate Social Responsibility, Cost Leadership, Human Capital
Document Summary
1. 1- what strategy is: gaining & sustaining competitive advantage. 1. 1- explain the role of strategy in a firm"s quest for competitive advantage. 1. 2- define competitive advantage, sustainable competitive advantage, competitive disadvantage, & competitive parity. 1. 3- differentiate the roles of firm effects in industry effects in determining performance. 1. 4- evaluate the relationship between stakeholder strategy & sustainable competitive advantage. Strategic management: integrated field combining analysis, formulation, and implementation in the quest for competitive advantage, enabling you to view the firm in entirety, think like a general manager, & position the firm for superior performance. 1. 1 what strategy is: gaining & sustaining competitive advantage. Strategy: set of goal-directed actions a firm takes to gain & sustain superior performance relative to competitors. Compete for resources (new: financial & human capital old: profit growth) Good strategy has 3 elements: diagnosis of competitive advantage, guiding policy to address competitive advantage, set of coherent actions to implement competitive advantage.
