GMS 200 Lecture Notes - Lecture 8: Strategic Business Unit, Competitive Advantage, Strategic Management

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Deborah De Lange

Document Summary

A strategy is a comprehensive acion plan that ideniies long term direcion for an organizaion and guides resource uilizaion to accomplish goals with sustainable compeiive advantage. Strategic management is the process of formulaion and implemening strategies to accomplish long- term goals and sustain compeiive advantage. Strategy formulaion is the process of creaing strategy. It involves assessing exising strategies, organisaion, and environment to develop new strategies capable of delivering future compeiive advantage. Strategy implementaion is the process of allocaing resources and puing strategies into acion. Compeiive advantage refers to operaing with an atribute that allows an organizaion to outperform its rivals. A sustainable compeiive advantage diicult for compeitors to imitate. All organizaional energies are directed toward a unifying and compelling target or goal. Corporate, business, and funcional strategies: corporate strategy directs the organizaion as a whole toward sustainable compeiive advantage. Acquisiions, new business development: business strategy: strategic direcion for a single business unit or product line.