GMS 200 Chapter Notes - Chapter 1: Dynamite Entertainment, Intellectual Capital, Natural Environment

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Kenneth Kalu

Document Summary

Identify the characteristics of an organization: describe the current workplace environment in canada, describe the dynamic forces that make up the general environment, who are the important organizational stakeholders, and what competitive advantage encompasses. Identity who managers are and what they do: describe the management process and how managerial skills and competencies are learned. Specific environment- or task environment includes people and groups that an organization interacts with. Stakeholders- people who are directly affected by the organization. Value creation- creating value for and satisfying the needs of stakeholders. Examples: firm, employees, shareholders, competitors, suppliers, customers, labour unions etc. Competitive advantage: allows an organization to deal with market and environmental forces better than its own, strategic positioning- when an organization does different thing or the same things in different ways from its major competitors. Competitive advantage can be achieved through : lowering prices, quality, delivery, flexibility. A lack of complete information about the environment.