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| Strategic competitiveness |
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| achieved when a firm successfully formulates and implements a value-creating strategy |
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| an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage |
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| strategy competitors are unable to duplicate or find too costly to try to emulate |
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| returns in excess of what an investor expects to earn from other investments with a similar amount of risk |
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| investor's uncertainty about the economic gains or lossess that will result from a particular investment |
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| investor's uncertainty about the economic gains or lossess that will result from a particular investment |
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| returns equal to those an investor expects to earn from other investments with a similar amount of risk |
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| strategic management process |
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| full set of commitments, decisions, and actions required for a firm to achieve strategic competitiveness and earn above-average returns |
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| one in which goods, services, people, skills, and ideas move freely across geographic borders |
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| set of capabilities used to respond to various demands and opportunities exsting in a dynamic and uncertain competitve environment |
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| inputs into a firm's production process, such as capital equipment, the skills of individual employees, patents, finances, and talented managers |
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| the capacity for a set of resources to perform a task or an activity in an integrative manner |
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| capabilities taht serve as a source of competitive advantage for a firm over its rivals |
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| picture of what the firm wants to be and in broad terms what it wants to ultimately achieve |
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| specifies the business or businesses in which the firm intents to compete and the customers it intends to serve |
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| individuals and groups who can affect the firm's vision and mission, are affected by the strategic outcomes achieved, and have enforceable claims on the firm's performance |
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| people located in different parts of the firm using the strategic management process to help the firm reach its vision and mission |
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| complex set of ideologies, symbols, and core values taht are shared throughout the firm adn that influence how the firm conducts business |
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| entails the total profits earned in an industry at all points along the value chain |
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| composed of dimensions in the broader society taht influence an industry and the firms within it |
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set of factos that directly influences a firm and its competitive actions and competitive responses:
threat of new entrants
power of suppliers
power of buyers
threat of substitutes
intensity of rivalry among competitors |
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| a condition in the general environment that if exploited effectively helps a company achieve strategic competitiveness |
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| condition in the general environment that may hinder a company's efforts to achieve strategic competitiveness |
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| Components of the external environment |
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Definition
Scanning
Monitoring
Forecasting
Assessing |
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| concerned wtih a populations size, age structure, geographic distribution, ethnic mix, and income distribution |
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| nature and direction fo the economy in which a firm competes or may compete |
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| arena in which organizations and interest groups compete for attention, resources, adn a voice in overseeing the body of laws and regulationsguiding interactions among natinos as well as between firms and various local governmental agencies |
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| concerned with society's attitudes and cultural values |
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| institutions and activities involved with creating new knowledge and translating that knowledge into new outputs, products, processes, and materials |
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| relevant new global markets, existing markets that are changing, important international political events, and critical cultural and instituional characteristics of global markets |
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| physical environment segment |
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| potential and actual changes in teh physical environment and business practices that are intended to positively respond to and deal with those changes |
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| group of firms producing products that are close substitutes |
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| a set fo firms emphasizing similar strategic dimensions to use a similar strategy |
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| set of data and information the firm gathers to better understand and better anticipate competitors' objectives, strategies, assumptions, and capabilities |
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| companies or networks of companies that sell complementary goods or services taht are compatible with the focal firm's good or service |
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| the ability to analyze, understand and manage an internal organizationin ways taht are not dependent on teh assumptions of a single country, culture, or context |
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| measured by a products performance characteristics and by its attributes for which custoemrs are willing to pay |
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| assets taht can be observed and quantified |
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| assets that are rooted deeply in the firm's history, accumulate over time, and are relatively difficult for competitors to analyze adn imitate |
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| allow the firm to exploit opportunities or neutralize threats in its external environment |
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| capabilities taht few if any competitors possess |
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| costly-to-imitate capabilities |
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| capabilities that other firms cannot easily develop |
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| nonsubstitutable capabilities |
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| capabilities that do not have strategic equivalents |
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| involved with a product's physical creation, its sale, and distribution to buyers and its service after the sale |
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| provide the assistance necessary for the primary activities to take place |
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| the purcahse of a value-creating activity from an external supplier |
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