GMS 200 Study Guide - Final Guide: Customer Relationship Management, Limited Liability Company, Sole Proprietorship

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

Document Summary

An organizational policy is a broad guideline for the numerous actions and decisions that can be made. The main difference is a policy, is a do-it yourself, while a procedure is a must obey situation. Lecture 7/chapter 7 (strategy and strategic management: a strategy is a comprehensive plan guiding resource allocation to achieve long-term organization goals. Strategic management is a way how many companies achieve. Strategy implementation- putting strategies into action: porter"s five forces framework consists of: New entrants- threat of potential new competitors. Substitute products-threat of substitute products or services. Bargaining power of suppliers- the ability of resource suppliers to influence the price. Bargaining power of customers-ability of customers to influence the price, that they are willing to pay: the porter"s model of generic strategies are: (pgs 204-206) Cost leadership strategy: has a low price, but a broad market scope. Differentiation strategy: unique product, but a broad market scope.