GMS 200 Lecture Notes - Lecture 7: Swot Analysis, Competitive Advantage, Strategic Management

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Lori Anne Heckbert

Document Summary

Winning companies will have more money, better employees and technology however what they do with that defines if they win or lose. What separates the winners from losers: the winners most likely have a more effective strategy, to understand strategy, you have to understand the notion of competitive. Competitive advantage: when an organization has a competitive advantage: it is a company operating with an attribute (characteristics) or combination of attributes that allows it to outperform its competitors. The key sources of competitive advantage are: (refer to page 195: cost and quality, flexibility, technology, knowledge & speed, financial resources. Sustainable competitive advantage: competitive advantage will enable the company to generate above-average profits if he source of the advantage is. Too difficult or costly for competitors to imitate. Basics of competition: firms basically compete against their rivals by either. Offering the same products at below-average prices. Or: offering different products at above-average prices.