GMS 200 Chapter Notes - Chapter 9: Strategic Management, Strategic Business Unit, Strategic Planning
lily.dilaudo and 39833 others unlocked
24
GMS 200 Full Course Notes
Verified Note
24 documents
Document Summary
competitive advantage operating with an attribute or set of attributes that allows an organization to outperform its rivals. sustainable competitive advantage - one that is different for a competitor to imitate. strategy - a comprehensive action plan guiding resource allocation to achieve long term plans. strategic intent - focusing all organizational energies on a unifying and compelling goal. strategic management - the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage. Looking ahead, understanding the external environment (consumers), effectively positioning the company for competitive advantage. ultimate goal for any business should be superior profitability; creates above- average returns for investors (based on the competitive environment of the company) monopoly (specialty company: only one player and no competition, creates absolute competitive advantage. oligopoly (breakfast cereals kellogg"s, general mills and quaker oats: few players not directly competing against each other, long-term competitive advantage in defined market segment.