Strategic Management BUAD 4890
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This 3 page Class Notes was uploaded by Anna Notetaker on Thursday September 1, 2016. The Class Notes belongs to BUAD 4890 at Middle Tennessee State University taught by Richard Mpoyi in Fall 2016. Since its upload, it has received 13 views. For similar materials see Strategic Management in BUAD at Middle Tennessee State University.
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Date Created: 09/01/16
Strategic Management Week 2 1.Strategic Management a.Strategic Vs. Strategic Management i. Strategy: game plan, any topic to help achieve a goal. ii. Strategic Management: establish a competitive advantage, enhance financial performance. b.Strategic Management Vs. Management i. Management: an individual interactions in a business. ii. Strategic Management: a firm’s view from the eyes of the CEO, a company’s interaction in a business. 2.Competitive Advantage a.Better than Rivals b.Meets the Market’s Needs 3.Sustainable Competitive Advantage a.Valuable b.Rare c. Difficult to Imitate d.Non-substitutional 4.Business Model a.Plan for generating revenue sufficiently to cover the cost and the production of attractive profits. 5.Strategy Hierarchy a.Corporate – multiple business units, managing portfolio. i. This will make up 10% of our lectures b.Business – single business unit, how to compete. i. This will make up 70% of our lectures c. Functional – head of functional departments, execute strategy. i. This will make up 20% of our lectures d.Operating – policies and procedures of everyday tasks i. This will make 0% of our lectures Chapter 2 1.Industry Vs. General a.Industry – Supplies, Customers b.General – Regulatory, Technology, Natural, Political, Demographics, Economy 2.Five Forces Model: Rivalry, B.P. of Supplies, B.P. of Buyers, Threat of New Entry, Threat of Substitutes. a.Slow Demand -> Rivalry More Intense b.Barriers High -> Threat Low c. Rapid -> Threat High d.Threats: Readily Available, Attractive Price, and Sufficient Quality i. Example is Airplanes and Automobiles 3.Strategic Group Map a.Define, Construct, Lessons b.Depiction of Competitive Space that firms within an industry’s occupy. c. Two Key attributes: Non-coordinating and Continuous i. Learn who is firmly entrenched ii. Waffling the strategy iii. Blue ocean opportunities (unexplored) 4.Driving Forces: External and Environmental a.Changes b.Response to all Firms 5.Key Success Factors a. Competitive Capabilities that “Will be” key determinants of success or failure in the future.