GMS 200 Lecture Notes - Lecture 1: Strategic Business Unit, Strategic Management, List Of Fables Characters

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Horatio Morgan

Document Summary

Competitive advantage: the ability to do something so well that one outperforms competitors. Sustainable competitive advantage: the ability to outperform rivals in ways that are dif cult or costly to imitate. Strategy: a comprehensive plan guiding resource allocation to achieve long term organization goals. Strategic intent: all energies directed toward accomplishing a long term target or goal. Corporate strategy: sets long term direction for the total enterprise. Business strategy: identi es how a division or strategic business unit will compete in its product or service domain. Functional strategy: guides activities within one speci c area of operations. Strategic management: the process of formulation and implementing strategies. Strategic analysis: the process of analyzing the organization, the environment, and the organizations competitive position and current strategies. Strategy formulation: the process of crafting strategies to guide the allocation of resources. Strategy implementation: the process of putting strategies into action. Mission: a statement expresses the organizations reason for existence in society.