MGT 321 Study Guide - Midterm Guide: Social Capital, Specific Performance, Strategic Business Unit
Document Summary
Competitive advantage is the ability to do something so well that one outperforms competitors. Sustainable competitive advantage is the ability to outperform rivals in ways that are difficult or costly to imitate. A strategy is a comprehensive plan guiding resource allocation to achieve long-term organization goals. Strategic intent focuses and applies organizational energies on a unifying and compelling goal. A corporate strategy sets long-term direction for the total enterprise. A business strategy identifies how a division or strategic business unit will compete in its product or service domain. A functional strategy guides activities within one specific area of operations. Strategic management is the process of formulating and implementing strategies. Strategic analysis is the process of analyzing the organization, the environment, and the organization"s competitive position and current strategies. Strategy formulation is the process of crafting strategies to guide the allocation of resources. Strategy implementation is the process of putting strategies into action.
