Strategic Management Lesson 1

Strategic Management Lesson 1 - 1 2 3 4 5 6 Corporate...

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7 Corporate strategy is about picking an attractive industry to enter (one with strong potential for above-average long-term profitability) in which the firm’s resource and capability strengths and weaknesses fit well with what is required to compete effectively in the industry. We will spend much of our time during the semester on Business strategy. Business strategy is about gaining competitive advantage in an industry. That is, you want to try to earn above-average returns for that industry and position your firm to compete successfully in the future. We will discuss broad, “generic” strategies for competing within a business such as trying to have a lower cost to provide the product or service versus providing a differentiated product that customers are willing to pay a premium price for. It is important that the functional-level strategies fit very well with the business-level strategies. For example, if low cost is a priority, all of the functions should try to manage things in such a way as to lower overall costs.
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This note was uploaded on 02/13/2012 for the course BUSA 4131 taught by Professor Loughry during the Fall '11 term at Georgia Southern University .

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Strategic Management Lesson 1 - 1 2 3 4 5 6 Corporate...

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