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| A set of related actions that managers take to increase their company's performance |
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| Creating competitive advantage through effective management of the strategy making process |
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| Selecting strategies based on analysis of an organization's external and internal environment |
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| Putting strategies into action |
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| Equity capital for which there is no guarantee that stockholders will ever recoup their investment or earn a decent return |
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| Returns that shareholders earn from purchasing shares in a company |
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| The return a company makes on the capital invested in the enterprise |
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| The increase in net profit over time |
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| The achieved advantage over rivals when a company's profitability is greater than the average profitability of firms in its industry |
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| Sustained Competitive Advantage |
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| A company's strategies enable it to maintain above-average profitability for a number of years |
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| The conception of how strategies should work together as a whole to enable a company to achieve competitive advantage |
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| Managers who bear responsibility for the overall performance of the company or for one of its major self-contained subunits or divisions |
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| Managers responsible for supervising a particular function, that is, a task, activity or operation, such as accounting, marketing, research and development, information technology, or logistics |
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| A company that competes in several different businesses and has created a separate self-contained division to manage each |
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| A self-contained division that provides a product or service for a particular market |
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| The purpose of the company, or a statement of what the company strives to do |
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| The articulation of a company's desired achievements or future state |
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| A statement of how employees should conduct themselves and their business to help achieve the company mission |
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| The comparison of strengths, weaknesses, opportunities, and threats |
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| Formulating plans that are based upon "what-if" scenarios about the future |
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| Systematic errors in human decision making that arise from the way people process information |
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| A cognitive bias that occurs when decision makers who have strong prior beliefs tend to make decisions on the basis of these beliefs, even when presented with evidence that their beliefs are wrong |
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| A cognitive bias that occurs when decision makers, already having committed significant resources to a project, commit even more resources after receiving feedback that the project is failing |
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| Use of simple analogies to make sense of complex problems |
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| A bias rooted in the tendency to generalize from a small sample or even a single vivid anecdote |
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| A cognitive bias rooted in the tendency to overestimate one's ability to control events |
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| A bias that arises from our predisposition to estimate the probability of an outcome based on how easy the outcome is to imagine |
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| A technique in which one member of a decisionmaking team identifies all the considerations that might make a proposal unacceptable |
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| The generation of a plan (a thesis) and a counterplan (an antithesis) that reflect plausible but conflicting courses of action |
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| Identification of past successful or failed strategic initiatives to determine whether those initiatives will work for the project at hand |
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