Management and Organizational Studies 4410A/B Study Guide - Midterm Guide: Strategic Management, Cost Leadership, Target Market

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 4410A/B
• Professor: Raymond Leduc

Document Summary

Chapter 5: business level strategy- creating and sustaining competitive advantages. All firms endeavor to achieve above-average returns core issue in strategic management. Strategy formulation is the second main aspect of strategic management: about the thought processes and the decisions managers make to address: Business strategy choices depend on what one views as important considerations and how one views the process by which managers choose their strategies. Outside-in perspective importance of external analysis and alignment of firms activities to pursue a desirable position against competitors: resource based school starts with the resources within the firm and the uniqueness of those resources. Method: start with attractive competitive positions but also emphasize how internal resource bundles and activities are used to achieve sustainable competitive advantages. Dominant (outside-in) perspective michael porter: competitive advantages may take several forms but at their core are all about 2 choices: Target market: focusing on a narrow strategic target vs whole market.