MANAGMNT 301 Chapter Notes - Chapter 4: Cost Leadership, Human Resource Management, Swot Analysis
4 Oct 2016
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Competitive advantage: the ability of a firm to provide value and above average returns. Elements of sustainable competitive advantage: vrin (valuable, rare, inimitable, nonsubstitutable) Core competence: what a firm does well. Distinctive competence: what a firm does better than anyone compare with competitive advantage: each of the vrin characteristics must be passed. Strategic management model: mandate/vision: what the organization ultimately wants to become (strategic intent, mission statement generally a much longer statement medium term goals, external environment analysis: general environment and the industry environment. General environment (septed model) sociocultural, economic, political, technological, ecological, demographics. Porter"s five forces: new entrants, buyer, suppliers: internal analysis: value chain analysis substitutes, rivalry. Support activities: procurement (the activity of procuring usable and consumable assets is found in each of the primary activities), technology development, hrm (human resource management), firm infrastructure: integration of internal and external analyses. Identify the threats and opportunities in the firms external environment. Match the internal strengths, weaknesses with external threats, opportunities.
