GMS 200 Chapter Notes - Chapter 1: Collegehumor, Brainpower, Competitive Advantage

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Franklin Ramsoomair

Document Summary

Talent intellectual capital refers to the collective brainpower and shared knowledge of an organizations workforce. Ethics set of morals and standards of what is good and right in ones behavior. Globalization worldwide interdependence of resource flows, product markets and competition. Performance effectiveness is an output measure of task or goal accomplishment. Performance efficiency is an input measure of resource cost associated with goal accomplishment. Natural environment: sustainable business: meets needs of consumer and protects environment, sustainable innovation: creates new products and production methods that have reduced environmental impact. Specific environment/ task environment people and groups with whom an organization interacts. Stakeholders people groups and institutions directly affected by the organization. Value creation creating of value for and satisfying the needs of stakeholders. Competitive advantage allows an organization to deal with market and environmental forces better than its competitors. Strategic positioning occurs when an organization does something differently to their competitors. Environmental uncertainty lack of complete information about the environment.