Term
|
Definition
| integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage |
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|
Term
| strategic competitiveness |
|
Definition
| achieved when a firm successfully formulates and implements a value creating strategy |
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Term
|
Definition
| integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage |
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Term
|
Definition
| indicates what the firm will do as well as what the firm will not do |
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Term
|
Definition
| a strategy competitors are unable to duplicate or find too costly to try to imitate |
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Term
|
Definition
| returns in excess of what an investor expects to earn from other investments with a similar amount of risk |
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Term
|
Definition
| an investor's uncertainty about the economic gains or losses that will result from a particular investment |
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Term
|
Definition
| returns equal to those an investor expects to earn from other investment with a similar amount of risk |
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Term
| strategic management process |
|
Definition
| the full set of commitments, decisions, and actions required for a firm to achieve strategic competitiveness and earn above average returns |
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Term
|
Definition
| the increasing economic interdependence among countries and their organizations as reflected in the flow of goods and services, financial capital, and knowledge across country borders |
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Term
|
Definition
| the term often used to capture the realities of the competitive landscape |
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Term
|
Definition
| assumptions of market stability are replace ed by notions of inherent instability and change |
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Term
| emergence of a global economy and technology |
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Definition
| the two primary drivers of hypercompetitive environments and the nature of today's competitive landscape |
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Term
|
Definition
| goods, services, people, skills, and ideas move freely across geographic borders |
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Term
| technology diffusion and disruptive technologies, the information age, and increasing knowledge intensity |
|
Definition
| three categories of technology related tends and conditions |
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Term
| rate of technology diffusion |
|
Definition
| speed at which new technologies become available and are used |
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Term
|
Definition
| describes how rapidly and consistently new, information intensive technologies replace older ones |
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Term
|
Definition
| technologies that destroy the value of an existing technology and create new markets |
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Term
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Definition
| information, intelligence, and expertise |
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Term
|
Definition
| the basis of technology and its application |
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Term
|
Definition
| intangible resource gained through experience, observation, and inference |
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Term
|
Definition
| set of capabilities used to respond to various demands and opportunities existing in a dynamic and uncertain competitive environment |
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Term
|
Definition
| involves coping with uncertainty and its accompanying risks |
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Term
| I/O model: industrial organization model of above average returns |
|
Definition
| explains the external environments dominant influence on a firm's strategic actions |
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Term
|
Definition
| specifies that the industry or segmental of an industry in which a company chooses to compete has a stronger influence on performance than do the chocies managers make inside their organizaitons |
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|
Term
1. external environment imposes pressures and constraints that determine the strategies that would result in above average returns
2. most firms competing control similar strategically relevent resources
3. resources used to implement strategies are highly mobile
4. organizational decision makers are rational and committed to the firms best interests |
|
Definition
| four underlying assumptions for I/O model |
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Term
| suppliers,, buyers, competitive rivalry among current firms in the industry, product substitutes, and potential entrants to the indstury |
|
Definition
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|
Term
| five forces model of completion |
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Definition
| suggests that an industry's profitability is a function of interactions among five forces; used to help firms find the industry that is most attractive for them |
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|
Term
| resource based model of above average returns |
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Definition
| assumes that each organization is a collection of unique resources and capabilities and that uniqueness is the basis of its strategy and ability to earn above average returns |
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Term
|
Definition
| inputs into a firm's production process |
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|
Term
| physical, human, and organizational capital |
|
Definition
| three categories of firm's resources |
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Term
|
Definition
| the capacity for a set of resources to perform a task or an activity in an integrative manner |
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Term
|
Definition
| resources and capabilities that serve as a source of competitive advantage for a firm over its rivals |
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Term
|
Definition
| used to identify an attractive industry |
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Term
|
Definition
| suggests tat the strategy the firm chooses should allow it to use its competitive advantages in an attractive industry |
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Term
|
Definition
| a picture of what the firm wants to be and what it wants to ultimately achieve |
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Term
| which can change in light of environmental conditions? mission or vision? |
|
Definition
| mission; vision is enduring |
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Term
|
Definition
| specifies the business or businesses in which the firm intends to compete and the customers it intends to serve |
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Term
|
Definition
| individuals and groups who can affect the firm's vision and mission, are affected by the strategic outcomes achieved, andhave enforceable claims on the firm's performance |
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|
Term
| three groups of stakeholders |
|
Definition
| capital market stakeholders, product market stakeholders, organizational stakeholders |
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|
Term
| capital market stakeholders |
|
Definition
| shareholders and he major suppliers of a firms capital |
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|
Term
| product market stakeholders |
|
Definition
| the firms primary customers, suppliers, host communities, and unions representing the work force |
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|
Term
| organizational stakeholders |
|
Definition
| a firms employees, including both nonmalignant and managerial personnel |
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Term
|
Definition
| individuals and groups who have invested capital in a firm in the expectation of earning a positive return on their investments |
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Term
|
Definition
| the most critical criterion in prioritizing stakeholders |
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Term
|
Definition
| 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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Term
|
Definition
| the complex set of ideologies, symbols, and core values that are shared throughout the firm and that influence how the firm conducts business |
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Term
|
Definition
| entails the total profits earned in an industry at all points along the value chain |
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|
Term
| four steps to identifying profit pools |
|
Definition
1. define the pool's boundaries
2. estimate the pool's overall size
3. estimate the size of the value chain activity in the pool
4. reconcile the calculations |
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|
Term
| strategic management process |
|
Definition
| rational approach firms use to achieve strategic competitiveness and earn above average returns |
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|
Term
|
Definition
| describes the actions a firm decides to take in order to exploit its competitive advantage over rivals |
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|
Term
| the general, industry, and competitor |
|
Definition
| a firm's strategic actions are influenced by the conditions in three parts of its external environment. what are these three parts? |
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Term
|
Definition
| composed of dimensions in the broader society that influence an industry and the firms within it |
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|
Term
| demographic, economic, political/legal, sociocultural, technological, global, physical |
|
Definition
| seven environmental segments |
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|
Term
|
Definition
| the set of factors that directly influences a firm and its competitive actions and responses |
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|
Term
threat of new entrants
power of suppliers
power of buyers
threat of product substitutes
intensity of rivalry among competitors |
|
Definition
| factors of the industry environment |
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|
Term
|
Definition
| how companies gather and interpret information about their competitors |
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|
Term
scanning
monitoring
forecasting
assessing |
|
Definition
| four parts f external environmental analysis |
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Term
|
Definition
| a conditional in the general environment that if exploited effectively, helps a company achieve strategic competitiveness |
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Term
|
Definition
| a condition in the general environment that may hinder a company's efforts to achieve strategic competitiveness |
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Term
|
Definition
| identifying early signals of environmental changes and trends |
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Term
|
Definition
| detecting meaning through ongoing observations of environmental changes and trends |
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Term
|
Definition
| developing projections of anticipated outcomes based on monitored changes and trends |
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Term
|
Definition
| determining the timing and importance of environmental changes and trends for firms' strategies and their management |
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Term
|
Definition
| entails the study of all segments in the general environment |
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|
Term
|
Definition
| observe environmental changes to see if an important trend is emerging from among those spotted through scanning |
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Term
|
Definition
| particularly important techniques of external environmental analysis when a firm competes in an industry with high technological uncertainty |
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|
Term
| to determine the timing and significance of the effects of environmental changes and trends that have been identified |
|
Definition
|
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Term
|
Definition
| determining if an identified trend in the external environment is an opportunity or threat |
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Term
|
Definition
| a product's performance characteristics and by its attributes for which customers are wiling to pay |
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Term
|
Definition
| composed of segments that are external to the firm |
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|
Term
| demographic segment of the general environment |
|
Definition
| concerned with populations size, age, geographic distribution, ethnic mix, and income distribution |
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Term
|
Definition
| refers to the nature and direction of the economy in which a firm competes or may compete |
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Term
|
Definition
| the arena in which organizations and interest groups compete for attention, resources, and a voice in overseeing the body of laws and regulations guiding interactions among nations as well as between firms and various local governmental agencies |
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Term
|
Definition
| represents how organizations try to influence governments and how they try to understand the influences of those governments on their strategic actions |
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Term
|
Definition
| concerned with a society's attitudes and cultural values |
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Term
|
Definition
| includes the institutions and activities involved with creating new knowledge and translating that knowledge into new outputs, products, processes, and materials |
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Term
|
Definition
| includes relevant new global markets, existing markets that are changing, important international political events, and critical cultural and institutional characteristics of global markets |
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|
Term
| physical environment segment |
|
Definition
| refers to potential and actual changes in the physical environment and busienss practices that are intended to positively respond to and deal with those changes |
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Term
|
Definition
| a group of firms producing products that are close substitutes |
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|
Term
|
Definition
| has a more direct effect on the firm's strategic competitiveness and ability to earn above average returns |
|
|
Term
threats posed by new entrants
power of suppliers
the power of buyers
product substitutes
intensity of rivalry among competitors |
|
Definition
| an industry's profit potential is a function of five forces of competition: |
|
|
Term
|
Definition
| how can suppliers become a firm's competitors? |
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|
Term
|
Definition
| how can buyers become a firm's competitors? |
|
|
Term
barriers to entry
relation expected from current industry participates |
|
Definition
| the likelihood that firms will enter an industry is a function of two factors: |
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|
Term
|
Definition
| derived from incremental efficiency improvements thru experience as a firm grows larger; the cost of producing each unit declines as the quantity of a product produced increases |
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|
Term
economies of scale
product differentiation
capital requirements
switching costs
access to distribtuino chanels
cost disadntages independedn of scale
government policy |
|
Definition
| significant entry barriers |
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|
Term
|
Definition
| the one time costs customers incur when they buy from a different supplier |
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|
Term
| consumer non durable goods (grocery stores where shelf space is limited)and international markets |
|
Definition
| in which industries is access to distribution channels a strong entry barrier for new entrants? |
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|
Term
favorable access to raw materials
desirable locations
gov subsidies
proprietary product technology |
|
Definition
| examples of cost disadvantages independent of scale (examples of cost advantages that new entrants cannot duplicate) |
|
|
Term
expected retaliation
barriers to entry (capital requirements, switching costs, access to distribution channels, cost disadvantages independent of scale, government policy, economies of scale, product differentiation) |
|
Definition
|
|
Term
threat of new entrants
bargaining power of suppliers
bargaining power of buyers
threat of substitute products
intensity of rivalry among competitors |
|
Definition
| five forces a firm analyzes to understand the profitability potential within the industry in which it competes or may choose to compete (industry environment analysis) |
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|
Term
|
Definition
| is a supplier group more or less powerful when it is more concentrated than the industry to which it sells? |
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|
Term
| when suppliers have substantial resources and provide a highly differentiated product |
|
Definition
| when is credibility to integrate forward into a buyer's industry enhanced? |
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Term
|
Definition
| goods or services from outside a given industry that perform similar or the same functions as a product that the industry produces |
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|
Term
numerous or equally balanced competitors
slow industry growth
high fixed costs or high storage costs
lack of differentiation or low switching costs
high strategic stakes
high exit barriers |
|
Definition
| the most prominent factors that experience shows to affect he intensity of firms rivalries |
|
|
Term
| excess capacity is created on an industry wide basis |
|
Definition
| What is one of the consequences of firms attempting to maximize their productive capacity? |
|
|
Term
| excess capacity at the industry level followed by intense rivalry at the firm level is observed frequently in industries with high storage cost |
|
Definition
|
|
Term
|
Definition
| products with few differentiated features of capabilities |
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|
Term
| rivalry intensifies when buyers view products as commodities |
|
Definition
|
|
Term
|
Definition
| economic, strategic, and emotional factors that cause firms to remain in an industry when the profitability of doing so is questionable |
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|
Term
specialized assets (ie large aircraft)
fixed costs of exit (labor agreements)
strategic interrelationships
emotional barriers
government and social restrictisons |
|
Definition
|
|
Term
|
Definition
| assets with values linked to a particular busienss or location |
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|
Term
| strategic interrelationships |
|
Definition
| relationships of mutual dependence, such as those between one busienss and other parts of a company's operations, including shared facilities and access to financial markets |
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|
Term
| emotional barriers to exit |
|
Definition
| aversion to economically justified business decisions because of fear for one's own carer, loyalty to employees, etc |
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|
Term
| government and social restrictions to exit |
|
Definition
| based on government concerns for job losses and regional economic effects; more common outside the US |
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|
Term
| movement into international markets enhances the chances of success for new ventures as well as more established firms |
|
Definition
|
|
Term
| analysis of the five forces in the industry |
|
Definition
| allows the firm to determine the industry's attractiveness in terms of the potential to earn adequate or superior returns |
|
|
Term
|
Definition
| low entry barriers, suppliers and buyers with strong bargaining positions, strong competitive threats from product substitutes , and intense rivalry among competitors |
|
|
Term
| high entry barriers, suppliers and buyers with little bargaining power, few competitive threats from product substitutes, and relatively moderate rivalry |
|
Definition
| characteristics of an a attractive industry |
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|
Term
|
Definition
| a set of firms that emphasize similar strategic dimensions and uses similar strategy |
|
|
Term
|
Definition
| Is intrastrategic group competition more or less intense than interstrategic group competition? |
|
|
Term
high mobility barriers
high rivalry
low resources among the firms within an industry |
|
Definition
| limit the formation of strategic groups |
|
|
Term
| membership in strategic groups remains relatively stable over time |
|
Definition
|
|
Term
|
Definition
| focuses on each company against which a firm directly competes |
|
|
Term
future objectives driving the competitor
competitor's current strategy
competitor's assumptions about the industry
competitor's strengths and weaknesses |
|
Definition
| What to understand in competitor analysis: |
|
|
Term
|
Definition
| the set of data and information he firm gathers to better understand and better anticipate competitor's objectives, strategies, assumptions, and capabilities |
|
|
Term
|
Definition
| companies or networks of companies that sell complementary goods or services that are compatible with the focal firm's good or service |
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|
Term
| when their unique core competencies are effectively, acquired, bundled, and leveraged to take advantage of opportunities in the external environment in ways that create value for customers |
|
Definition
| how do firms achieve strategic competitiveness and earn above average returns? |
|
|
Term
the rate of core competence obsolescence because of environmental changes
the availability of substitutes for the core competence
the imitability of the core competence |
|
Definition
| sustainability is a function of three factors: |
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|
Term
| general, industry, and competitor environments |
|
Definition
| components of the external environment |
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|
Term
| sources of the firm's competitive advantage |
|
Definition
|
|
Term
|
Definition
| the ability to analyze, understand, and mange an internal organization in ways that are not dependent on the assumptions of a single country, culture, or context |
|
|
Term
| resources, capabilities, and core competencies |
|
Definition
| the foundation of competitive advantage |
|
|
Term
|
Definition
| bundled to create organizational capabilities |
|
|
Term
|
Definition
|
|
Term
|
Definition
| source of a firm's core competencies |
|
|
Term
|
Definition
| basis of competitive advantage |
|
|
Term
|
Definition
| assets that can be observed and quantified |
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|
Term
|
Definition
| assets that are rooted deeply in the firm's history, accumulate over time, and are relatively difficult for competitors to analyze and imitate |
|
|
Term
financial]
organizational
physical
technological |
|
Definition
| four types of tangible resources |
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|
Term
human
innovation
punctuational |
|
Definition
| three types of intangible resources |
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|
Term
|
Definition
| Which resources are a superior source of core competencies: tangible or intangible? |
|
|
Term
|
Definition
| exist when resources have been purposely integrated to achieve a specific task or set of tasks |
|
|
Term
|
Definition
| the activities the company performs especially well compared with competitors and thru which the firm adds unique value to these goods or services over a long period of time |
|
|
Term
valuable
rare
costly to imitate
nonsubstitutable |
|
Definition
| characteristics of capabilities that make them core competencies |
|
|
Term
valuable capabilities
rare capabilities
costly to imitate capabilities
nonsubstitutable capablitiies |
|
Definition
| four criteria of sustainable competitive advantage |
|
|
Term
| must be valuable and unique |
|
Definition
| for a capability to be a core competence: |
|
|
Term
| inimitable and nonsubstituable by comeptiros |
|
Definition
| for a competitive advantage to be sustainable, the core competence must be: |
|
|
Term
|
Definition
| allow the firm to exploit opportunities or neutralize threats in its external environment |
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|
Term
|
Definition
| not possessed by many others |
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|
Term
| costly to imitate capabilities-historical |
|
Definition
| a unique and valuable organizational culture or brand name |
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|
Term
| costly to imitate capabilities-ambiguous cause |
|
Definition
| the causes and uses of a competence are unclear |
|
|
Term
| costly to imitate capabilities-social complexity |
|
Definition
| interpersonal relationships, trust, and friendship among managers, suppliers, and customers |
|
|
Term
| non substitutable capabilities |
|
Definition
|
|
Term
|
Definition
| capabilities that few, if any, competitors possess |
|
|
Term
| costly to imitate capabilities |
|
Definition
| capabilities that other firms cannot easily develop |
|
|
Term
unique historical conditions/organizational culture
casually ambiguous
social complexity |
|
Definition
| three reasons capabilities might be costly to imitate |
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|
Term
|
Definition
| set of values shared yb members in the organization |
|
|
Term
| non substitutable capabilities |
|
Definition
| capabilities that do not have strategic equivalents |
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|
Term
|
Definition
| allows a firm to understand the parts of its operations that create value and those that do not |
|
|
Term
|
Definition
| template that firms use to analyze their cost position and to identify the multiple means that can be used to facilitate implementation of a chosen business level strategy |
|
|
Term
| primary and support activities |
|
Definition
|
|
Term
|
Definition
| involved with a product's physical creation, its sale and distribution to buyers, and its service after the sale |
|
|
Term
|
Definition
| provide the assistance necessary for the primary activities to take place |
|
|
Term
|
Definition
| shows how a product moves from the raw material stage to the final customer |
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|
Term
|
Definition
| strong positive relationships with suppliers and customers |
|
|
Term
inbound logistics
operations
outbound logistics
markerting and sales
service |
|
Definition
|
|
Term
procurement
technological development
human resource management
firm infrastructure |
|
Definition
|
|
Term
|
Definition
| the purchase of a value creating activity from an external supplier |
|
|
Term
increase flexibility
mitigate risks
reduce their capital investments |
|
Definition
| effective outsourcing benefits |
|
|
Term
| strategy is concerned with making choices among two or more alternatives |
|
Definition
|
|
Term
|
Definition
| the purchase of a value creating activity from an external supplier |
|
|
Term
strategic thinking
deal making
partnership governance
chang emanagmetn |
|
Definition
| four skills necessary to verify that the appropriate primary and support actives are outsourced |
|
|
Term
|
Definition
| outsourcing activities or functions to a foreign supply source |
|
|
Term
|
Definition
| When a core competence is no longer a strength, but instead becomes a weakness because it is emphasized when it is no longer competitively relevant; seed of organizational inertia |
|
|
Term
|
Definition
| an integrated and coordinated set of commitments and actions the firm uses to to gain a competitive advantage by exploiting core competencies in specific product markets |
|
|
Term
|
Definition
| indicates the choices the firm has made about how it intends to compete in individual product markets |
|
|
Term
|
Definition
| core strategy; the strategy that the firm forms to describe how it intends to compete in a product market |
|
|
Term
|
Definition
| dimensions of firms' relationships with customers |
|
|
Term
| reach dimension of relationships with customers |
|
Definition
| concerned with the firm's access and connection to customers |
|
|
Term
| richness dimension of firms' relationships with customers |
|
Definition
| concerned with the dept and detail of the two way flow of information between the firm and the customer |
|
|
Term
| affiliation dimension of firms' relationships with customers |
|
Definition
| concerned with facilitating useful interactions with customers |
|
|
Term
|
Definition
| dividing customers into groups base don their needs |
|
|
Term
|
Definition
| a process used to cluster people with similar needs into individual and identifiable groups |
|
|
Term
|
Definition
| resources and capabilities that serve as a source of competitive advantage for the firm over its rivals |
|
|
Term
| create differences between the firm's position and those of its competitors |
|
Definition
| purpose of a business level strategy |
|
|
Term
cost leadership
differentiation
focused cost leadership
focused differentitation
integrated cost leadershi/differentiation |
|
Definition
| five business level strategies |
|
|
Term
|
Definition
| when a firm selects a segment or group of segments in the industry and tailors its strategy to serving them to the exclusion of others |
|
|
Term
|
Definition
| an integrated set of actions taken to produce goods or services with features that are acceptable to customers at the lowest cost, relative to that of competitors |
|
|
Term
| standardized goods or services to the industry's most typical customers |
|
Definition
| what kind of products do cost leadership firms commonly sell? |
|
|
Term
| having a competitive advantage in terms of logistics (inbound/outbound) creates more value when using the COST LEADERSHIP strategy than when using the differentiation strategy |
|
Definition
|
|
Term
|
Definition
| an integrated set of actions taken to produce goods or services at an acceptable cost that customers perceive as being different in ways that are important to them |
|
|
Term
|
Definition
| producing non standardized (unique) products for customers who value differentiated features more than they value low cost |
|
|
Term
|
Definition
| an integrated set of actions taken to produce goods or services that serve the needs of a particular competitive segment |
|
|
Term
| IKEA = focused cost leadership strategy |
|
Definition
|
|
Term
| integrated cost leadership/differentiation strategy |
|
Definition
| simultaneously pursue low cost and differentiation |
|
|
Term
| integrated cost leadership/differentiation strategy |
|
Definition
| involves engaging in primary and support activities that allow a firm to simultaneously pursue low cost and differentiation |
|
|
Term
flexible manufacturing systems
information networks
total quality management systems |
|
Definition
| three sources of flexibility that are particularly useful for integrated cost leadership/differentiation strategy |
|
|
Term
| FMS (flexible manufacturing systems) |
|
Definition
| computer controlled process used to produce a variety of products in moderate, flexible quantities with a minumum of manual intervention |
|
|
Term
| TQM total quality management systems |
|
Definition
| a managerial innovation that emphasizes an organization's total commitment to the customer and to continuous improvement of every process through the use of data driven, problem solving approaches based on empowerment of employee groups and teams |
|
|
Term
increase customer satisfaction
cut costs
reduce the amount of time required to introduce innovative products to the marketplace |
|
Definition
|
|
Term
|
Definition
| a firms operating in the same market, offering similar products, and targeting similar customers |
|
|
Term
|
Definition
| the ongoing set of competitive actions and competitive responses that occur among firms as they maneuver for an advantageous market position |
|
|
Term
|
Definition
| the set of competitive actions and responses the firm takes to build or defend it competitive advantages and to improve its market position |
|
|
Term
|
Definition
| firms competing against each other in several product or geographic markets |
|
|
Term
|
Definition
| all competitive behavior; the total set of actions and responses taken by all firms competing within a market |
|
|
Term
|
Definition
| competitive rivalry's dominant influence is on what type of strategy? |
|
|
Term
awareness
motivation
ability |
|
Definition
| drivers of competitive behavior |
|
|
Term
first mover incentives
organizational size
quality |
|
Definition
| affects likelihood of attack |
|
|
Term
type of competitive action
reputation
market dependence |
|
Definition
| affects likelihood of response |
|
|
Term
market commonalty
resource similarity |
|
Definition
| the building blocks of competitor analysis |
|
|
Term
|
Definition
| the first step the firm takes to be able to predict the extent and nature of its rivalry with each competitor |
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| the number of markets in which firms compete against each other |
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| general, industry, and competitive environments |
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| comprise the firm's external environment |
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| concerned with the number of markets with which the firm and a competitor are jointly involved and the degree of importance of the individual markets to each |
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| multimeter completion reduces competitive rivalry |
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| the extent to which the firm's tangible and intangible resources are comparable to a competitor's in terms of both type and amount |
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| a prerequisite to any competitive action or response taken by a firm; refers t the extent to which competitors recognize the degree of their mutual interdependence that results from market commonalty and resource similarity |
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| when firms have highly similar resources in terms of types and amounts to use while competing against each other in multiple markets |
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| When is awareness greatest? |
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| concerns the firm's incentive to take action or to respond to a competitor's attack; relates to perceived gains an closes |
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| relates to each firm's resources and the flexibility the provide |
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| a strategic or tactical action the firm takes to build or defend its competitive advantages or improve its market position |
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| a strategic or tactical action the firm takes to counter the effects of a competitors competitive action |
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| strategic action/strategic response |
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| a market based move that involve a significant commitment of organizational resources and is difficult to implement and reerse |
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| tactical action/tactical response |
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| a market bgased move that is taken to fine tune a strategy; involves few resources and is relatively easy to implement and reverse |
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| a firm that takes an itinerant competitive action in order to build or defend its competitive advantages or to improve its market position |
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| the buffer or cushion provided by actual or obtainable resources that aren't currently in use and are in excess of the minimum resources needed to produce a given level of organizational output |
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| a firm that responds to a first mover's competitive action, typically thru imitation |
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| a firm that responds to a competitive action a significant amount of time after the first mover's action and the second mover's response |
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| small firms are more likely than large firms to launch competitive actions; do it more quickly |
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| exists when the firm's goods or services meet or exceed customers' expectations |
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the action leased to better use of the competitor's capabilities to gain or produce stronger competitive advantages or an imporvement in it s market position
the action damages the firm's abilit to use it capabilties to create or maintain ana avantage
the firms market position becomes less defensible |
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Definition
| a firm is likely to respond to a competitor's action when: |
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type of competitive action
reputation
market dependence |
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Definition
| factors used to predict how a competitor is like;y to respond to competitive actions |
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| the extent to which a firm's revenues or profits are derived from a particular market |
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| markets in which the firm's competitive advantages are shielded from imitation commonly for long periods of time and hwere imtiation is costly |
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| markets in which the firm's capabilities that contribute to competitive advantages aren't shielding from imitation and where imitation is often rapid and inexpensive |
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| markets in which the firm's competitive advantages are partially shielding from imitation and mitation is moderately costly |
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seek large market shares
gain customer loyalty thru brand names
carefully control a firm's operations in order to consistently provide the same positive experiment for customers |
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Definition
| competitive actions/responses in standard cycle markets: |
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