Shared Flashcard Set

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Chapters 3 and 4 last quiz
slide notes for the last quiz in Kotrozo
8
Management
Undergraduate 4
10/19/2012

Additional Management Flashcards

 


 

Cards

Term
competitive advantage
Definition
A superiority gained by an organization when it can providethe same value as its competitors but at a lower price, or can charge higher prices by providing greater value throughdifferentiationCompetitive advantage results from matching core competencies to the opportunities.
Term
Core Compentencies
Definition
A unique ability that a company acquires from its foundersor develops and that cannot be easily imitated. Core competencies are what give a company one or more competitive advantages, in creating and delivering value to its customers in its chosen field. Also called core capabilitiesor distinctive competencies. See also core rigidities.
Term
Value
Definition

measured by a product's ;performance characteristics and by its attributes for which customers are willing to pay. In business, its by bundling and leveraging customers their resrouces to form capabilites and core competencies. FIrms with competitve advantage create more valjue for customers than do the competitors. Walmart everday low price slogan

Term
Sources of Competitive Advantages
Definition
In combo with product market positions are the firm's most important sources of competitive advantages. Core Comp, integrated with understanding the results for studying the conditions in the external environment, should drive a selection of strategies. 
Term
The foundation of competitive advantage are:
Definition
Resources, capabilities, and core competencies. In turn, capabilities are the source of a firm;'s core competencies, the basis of extablishing competitive advantages.
Term

RESOURCES

broad in scope, resources cover a spectrum of individual, social, and or phenomena. By themselves do they create value for customers as the foundation of above average returns?

Definition
No, by themseleves they do not create value. Resources are combined to form capabilities. 
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