Management and Organizational Studies 4410A/B Chapter Notes - Chapter 5: Corporate Title, Enterprise Resource Planning, Total Quality Management

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

Document Summary

Business-level strategy - an integrated and coordinated set of commitments and actions the firm uses to gain an competitive advantage by exploiting core competencies. It reflects where and how the firm has an advantage over its rivals; firms need a strategy for every market they are in. Firms need to be continuously upgrading their capabilities on which their competitive advantages are based to achieve long-term success with this strategy. Market segmentation - clusters people with similar needs into individual and identifiable groups: rolls royce targets the older car lovers, whereas porsche is targeted towards the younger demographic. How: addressed through core competencies, resources or capabilities that serve as a source of competitive advantage for the firm over its rivals. Firms use core competencies to implement value-creating strategies and thereby satisfy customers" needs: companies must be able to use their core competencies (how) the satisfy the needs (what) of the target group of customers (who)