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Lecture 22 - 10.20.08

Lecture 22 - 10.20.08 - AEM1200 Introduction to Business...

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AEM1200, Introduction to Business Management Monday 10/22 Strategic Management Strategy and difference Frameworks for strategic management Planning: 5F’s, SWOT Organizing: core competencies and the BCG product portfolio matrix Leading: generic strategies, exploration and exploitation, mergers and  acquisitions Controlling: organizational vision, mission, and culture Defining Competitive advantage A firm is said to have a sustained competitive advantage when it is implementing a value  creating strategy not simultaneously being implemented by any current or potential  competitors and when these other firms are unable to duplicate the benefits of this  strategy  (Barney, 1991) An enterprise has a Competitive Advantage if it is able to create more economic value  than the marginal (breakeven) competitor in its product market. The Economic Value  created by an enterprise in the course of providing a good or service is the difference  between the perceived benefits gained by the purchasers of the good and the economic  cost to the enterprise.  (Peteraf and Barney, 2003) Some elements of Strategic management Planning Michael Porter’s Five Forces Analysis SWOT Analysis Organizing Core competencies Leading Corporate vision Controlling Corporate culture The DuPont model Competitive rivalry: Threat of new entrants Bargaining power of buyers Bargaining power of sellers
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Threat of substitute products SWOT Analysis Strengths Unique or distinct advantages that make your organization stand out in the crowd; What makes the customers choose your organization over the competition; Products or services which your competition cannot imitate (now and in the  future). Opportunities Attractive choices within your marketplace: where and what; Emerging trends; Potential new products and capabilities.
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