GMS 200 Chapter Notes - Chapter 7: Strategic Business Unit, Strategic Management, Total Quality Management

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

Document Summary

A comprehension plan guiding resource allocation to achieve long-term organizational goals. A comprehensive plan of action that identifies the long-term direction for an organization and guides resource utilization to accomplish an organization"s goals with sustainable competitive advantage. The ability to do something so well that one outperforms competitors. When an organization has a competitive advantage, it is operating with an attribute or combination of attributes that allows it to outperform its competitors. Will enable the company to generate above-average profits if the source of the advantage is too difficult or costly for competitors to imitate. The major responsibilities of the strategic management process include strategic formulation and strategic implementation. As part of the strategic management process, strategy formulation involves revising the mission and objectives and selecting new strategies. As part of the strategic management process, strategy implementation involves corporate governance, management system and practices, strategic leadership, exercising strategic control and review of the strategic management process.