ITM 309 Lecture Notes - Lecture 2: Payless Shoesource, Tiffany & Co., Competitive Advantage
7 Sep 2016
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Document Summary
Business strategy: leadership plan that achieves a specific set of goals or objectives. Competitive intelligence: the process of gathering information about the competitive environment to improve the company"s ability to succeed. Porter"s five forces very important: threat of substitute products/services, supplier power: bargaining power of suppliers, buyer power: bargaining power of buyers, rivalry among existing competitors: cost, quality, service, threat of new entrants. Corporate strategy is all about deciding how your firm will create economic value added. Drivers of firm profitability are: industry structure, sustainable competitive advantage. Business process: standardized set of activities to accomplish a specific task (how work gets done) Value chain analysis: views an organization as a series of processes: porter"s value chain analysis know this.
