Term
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Definition
| the ability to do something so well that one outperforms competitors |
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Term
| Sustainable Competitive Advantage |
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Definition
| the ability to outperform rivals in ways that are difficult or costly to imitate |
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Term
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Definition
| a comprehensive plan guiding resource allocation to achieve long term organization goals |
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Term
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Definition
| focuses and applies organizational energies on a unifying and compelling goal |
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Term
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Definition
| sets long term direction for the total enterprise |
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Term
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Definition
| identifies how a division or strategic business unit will compete in its product or service domain |
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Term
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Definition
| guides activities within one specific area of operations |
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Term
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Definition
| process of formulating and implementing strategies |
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Term
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Definition
| process of analyzing the organization, the environment, and the organization's competitive position and current strategies |
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Term
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Definition
| process of crafting strategies to guide the allocation of resources |
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Term
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Definition
| process of putting strategies into action |
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Term
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Definition
| expresses the organization's reason for existence in society |
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Term
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Definition
| individuals and groups directly affected by the organization and its strategic accomplishments |
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Term
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Definition
| broad beliefs about what is or is not appropriate behavior |
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Term
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Definition
| the predominant value system for the organization as a whole |
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Term
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Definition
| specific results that organizations try to accomplish |
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Term
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Definition
| examines organizational strengths and weaknesses and environmental opportunities and threats |
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Term
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Definition
| a special strength that gives an organization a competitive advantage |
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Term
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Definition
| adopts standardized products and advertising for use worldwide |
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Term
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Definition
| customizes products and advertising to best fit local needs |
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Term
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Definition
| seeks efficiencies of global operations with attention to local markets |
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Term
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Definition
| organizations join together in partnership to pursue an area of mutual interest |
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Term
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Definition
| strategy of working with rivals on projects of mutual benefit |
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Term
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Definition
| offers products that are unique and different from the competition |
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Term
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Definition
| strategy seeks to operate with low cost so that products can be sold at low prices |
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Term
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Definition
| concentrates on serving a unique market segment better than anyone else |
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Term
| Focused Differentiation Strategy |
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Definition
| offers a unique product to a special market segment |
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Term
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Definition
| strategy that seeks the lowest costs of operations within a special market |
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Term
| Lack of Participation Error |
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Definition
| a failure to include key persons in strategic planning |
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Term
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Definition
| the system of control and performance monitoring of top management |
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Term
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Definition
| makes sure strategies are well implemented and that poor strategies are scrapped or modified |
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Term
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Definition
| inspires people to continuously change, refine, and improve strategies and their implementation |
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Term
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Definition
| risk taking behavior that results in new opportunities |
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Term
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Definition
| display entrepreneurial behavior as employees of larger firms |
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Term
| Necessity-based Entrepreneurship |
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Definition
| takes place because other employment options don't exist |
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Term
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Definition
| a unique form of ethical entrepreneurship that seeks new ways to solve pressing problems |
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Term
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Definition
| takes risks to find new ways to solve pressing social problems |
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Term
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Definition
| has fewer than 500 employees, is independently owned and operated, and does not dominate its industry |
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Term
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Definition
| when one business owner sells to another the right to operate the same business in another location |
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Term
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Definition
| a new and temporary venture that is trying to discover a profitable business model for future success |
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Term
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Definition
| use things like open source software, while staying small and striving to keep operations as simple as possible |
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Term
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Definition
| owned and controlled by family members of a family |
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Term
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Definition
| occurs when family members have major disagreements over how the business should be run |
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Term
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Definition
| the issue of who will run the business when the current head leaves |
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Term
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Definition
| describes how the leadership transition and related financial matters will be handled |
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Term
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Definition
| offer space, shared services, and advice to help get small businesses started |
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Term
| Small Business Development Centers |
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Definition
| founded with support from the U.S. Small Business Admin provide advice to new and existing small businesses |
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Term
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Definition
| an individual pursuing business for a profit |
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Term
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Definition
| when two or more people agree to contribute resources to start and operate a business together |
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Term
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Definition
| a legal entity that exists separately from its owners |
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Term
| Limited Liability Corporation |
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Definition
| a hybrid business form combining the advantages of the sole proprietorship, partnership, and corporation |
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