Unformatted text preview: In-Class Group Work 1
Important Terms in Strategic Management
• Competitive Advantage
o Competitive advantage is defined as anything that a firm does especially well
compared to rival firms.
o Firms should seek a sustained competitive advantage by continually adapting to
changes in external trends and internal capabilities and evaluating strategies that
capitalize on those factors.
Means by which long-term objectives are achieved
o Strategists are individuals who are most responsible for the success or failure of an
o Strategists hold various job titles, such as chief executive officers, president, owner,
chair of the board, executive director, chancellor, dean, or entrepreneur.
o Strategists help an organization gather, analyze, and organize information. They track
industry and competitive trends, develop forecasting models and scenario analyses,
evaluate corporate and divisional performance, spot emerging market opportunities,
identify business threats, and develop creative action plans.
In-Class Group Work
Working in groups, answer the following questions for the McDonald’s case in thetextbook.
1) What is the company’s competitive advantage?
2) What are the company’s strategies?
3) List at least one for each of the following:
a. An external opportunity
b. An external threat
c. An internal strength
d. An internal weakness ...
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This note was uploaded on 03/30/2012 for the course HRAD 4523 taught by Professor Leong during the Spring '08 term at Oklahoma State.
- Spring '08