Strategic competitiveness Answer- Achieved when a firm successfully formulates and
implements a value creating strategy
Strategy Answer- An integrated and coordinated set of commitments and actions
designed to exploit core competencies and gain a competitive advantage
Competitive advantage Answ...
Strategic competitiveness Answer- Achieved when a firm successfully formulates and
implements a value creating strategy
Strategy Answer- An integrated and coordinated set of commitments and actions
designed to exploit core competencies and gain a competitive advantage
Competitive advantage Answer- A strategy that creates superior value for customers
and that competitors are unable to duplicate or find it too costly to try to immitate
Above Answer- average returns - Returns in excess of what an investor expects to earn
from other investments with a similar amount of risk
Risk Answer- An investor's uncertainty about the economic gains or losses that will
result from a particular investment
Average returns Answer- Returns equal to those an investor expects to earn from other
investments with a similar amount of risk
Strategic management process Answer- The full set of commitments, decisions, and
actions required for a firm to achieve strategic competitiveness and earn above-average
returns
Hypercompetition Answer- Competition that is excessive such that it creates inherent
instability and necessitates constant disruptive change for firms in the competitive
landscape
Global economy Answer- One in which goods, services, people, skills, and ideas move
freely across geographic boarders
What is the opening case about in chapter 1? Answer- Alibaba is growing in china. Most
shopping is done online in China. Alibaba is working on increasing their credibility in the
US to expand their reach.
Strategic flexbility Answer- A set of capabilities used to respond to various demands
and opportunities existing in a dynamic uncertain competitive environment
The Industrial Organizational model of above Answer- average returns focusses on the
___________________ environment - External
,Resources Answer- Inputs into a firm's production process, such as capital equipment,
the skills of individual employees, patents, finances, and talented managers
Capability Answer- The capacity for a set of resources to perform a task or an activity in
an integrative manner
Core competencies Answer- Capabilities that serve as a source of competitive
advantage for a firm of it's rivals
Vision Answer- A picture of what the firm wants to be and, in broad terms, what it wants
to ultimately achieve
Mission Answer- Specifies the businesses in which the firm intends to compete and the
customers it intends to serve
Stakeholders Answer- The individuals, groups, and organizations that can affect the
firm's vision and mission, are affected by the strategic outcomes achieved, and have
enforceable claims on the firm's performance
The resource Answer- based model of above-average returns focusses on the
__________________ environment - Internal
Strategic leaders Answer- People located in different areas and levels of the firm using
the strategic management process to select strategic actions that help the firm achieve
its vision and fulfill its mission
Organizational culture Answer- Refers to the complex set of ideologies, symbols, and
core values that are shared throughout the firm and that influence how the firm conducts
business
All strategy is ___________ Answer- local
What does the research Answer- based model assume? - Each organization has a
unique collection of resources and capabilities
A strong _________________________ is necessary for creating innovations Answer-
knowledge-base
AAR Answer- Above average returns
- Focusses on risk and returns
Stakeholders are classified into what three groups? Answer- Capital market
stakeholders
Product market stakeholders
Organizational stakeholders
What was the opening case about? Answer- McDonalds has seen a decline in sales
because they haven't done a good job at analyzing the external environment, which is
becoming more heal conscious
A firm's competitive actions and responses are influenced by what? Answer- The
general environment
Industry environment
Competitor analysis
General environment Answer- Composed of dimensions in the broader society that
influence an industry and the firms within it
Industry environment Answer- The set of factors that directly influences a firm and its
competitive actions and responses
Competitor analysis Answer- How companies gather and interpret information about
their competitors
Opportunity Answer- A condition in the general environment that, if exploited effectively,
helps a company reach strategic competitiveness
Threat Answer- A condition in the general environment that may hinder a company's
efforts to achieve strategic competitiveness
What are some samples of the general environment? Answer- Demographic
Economic
Political/legal
Sociocultural
Technological
Global
Sustainable physical environment
What are the four parts of the external environment analysis? Answer- Scanning
Monitoring
Forecasting
Assessing
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