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| simple statement or understanding of what the firm will be in the future |
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| declaration of what a firm is and what it stands for - fundamental visions and purpose |
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| combination of a broad indication of organizational intentions and specific measurable steps for reaching them. |
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| overarching reference point for a host of hierarchical subgoals |
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| translating vision and strategy into tangible performance measured by such criteria as return on sales, sales growth, and customer retention |
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| simplified, widely, shared model of the org. and its future, including anticipated changes in its environment |
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| inputs that firms use to create goods/services |
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| firm's skill in using its resources to breate goods and services |
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| total of primary and support value adding activities by which a firm produces, distributes, and markets a product. |
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| activity performed for a company by ppl other than its full time employees |
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| Capability that sets a firm apart from other firms; something a firm can do which competitors cannot |
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| capability which is central to a firm;s main business operations and which allow it to generate new products and services |
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| analytical framework suggesting that a firm with resources and capabilities which are valuable, rare, inimitable, non substitutable, and exploitable will gain a competitive advantage |
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| condition whereby the difficulty of identifying or understanding a resource or capability makes it valuable, rare, and inimitable |
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| the ways managers situate a firm relative to its rivals along important competitive dimensions |
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| strategic position designed to reduce the negative effects of rivalry, including low cost, differentiation, focused cost leadership, focused differentiation, and integrated positions |
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| based on producing a good/service while maintaining total costs that are lower than what it takes competitors to offer the same product or service |
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| offers service/products wit quality, reliability, or prestige that is discernibly higher than that of competitors and for which customers are willing to pay |
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| low cost leader in a narrow market segment |
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| targeting products to relatively small segments |
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| elements of one position support strong standing in another |
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