SEVI 3013 Exam 2- Uark Questions & Answers 100% Correct!
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Course
SEVI 3013
Institution
SEVI 3013
Strategic Action - ANSWERSa market-based move that involves a significant commitment of organizational resources and is difficult to implement and reverse
Tactical action - ANSWERSa market-based move that is taken to fine-tune a strategy; it involves fewer resources and is relatively easy to imp...
SEVI 3013 Exam 2- Uark Questions &
Answers 100% Correct!
Strategic Action - ANSWERSa market-based move that involves a significant
commitment of organizational resources and is difficult to implement and reverse
Tactical action - ANSWERSa market-based move that is taken to fine-tune a strategy; it
involves fewer resources and is relatively easy to implement and reverse
Competitive Action - ANSWERSa strategic or tactical action the firm takes to build or
defend its competitive advantages or improve its market position
Competitive Response - ANSWERSa strategic or tactical action the firm takes to
counter the effects of a competitor's competitive action
Competitors - ANSWERSfirms operating in the same market, offering similar products,
and targeting similar customers
Competitive rivalry - ANSWERSthe ongoing set of competitive actions and competitive
responses that occur among firms as they maneuver for an advantageous market
position
The outcomes of competitive rivalry influence the firms: - ANSWERS§ Ability to develop
and then sustain its competitive advantages
§ Level (average, below average, or above average) of financial return.
Competitive Behavior - ANSWERSthe set of competitive actions and competitive
responses the firm takes to build or defend its competitive advantages and to improve
its market position
Multimarket Competition - ANSWERSoccurs when firms compete against each other in
several product or geographic markets
Competitive dynamics - ANSWERSThe total set of actions and responses taken by all
firms competing within a market.
competitor analysis - ANSWERShow companies gather and interpret information about
their competitors- to understand
Competitor analysis studies: - ANSWERSFuture objectives, current strategies,
assumptions, capabilities
, To complete a competitor analysis, firms study: - ANSWERSmarket commonality and
resource similarity
market commonality and resource similarity shape the firms: - ANSWERSAwareness,
motivation, ability
Awareness - ANSWERSrefers to the extent to which competitors recognize the degree
of their mutual interdependence
Motivation - ANSWERSconcerns the firms incentive to take action or to respond to a
competitors attack
Ability - ANSWERSrefers to the quality of resources available to the firm to attack and
respond
Resource Dissimilarity - ANSWERSthe more significant the difference between
resources owned by the acting firm and those against whom it has taken action, the
longer is the delay by the firm with a resource disadvantage
-influences competitive actions and responses firms choose to take
Cost - ANSWERSthe amount of money a firm pays to deliver products or services to the
customer
Price - ANSWERSwhat the customer pays to obtain the product or service
Competitive Dynamics differ in: - ANSWERSslow, fast, and standard cycle markets
First mover - ANSWERSa firm that takes an initial competitive action in order to build or
defend its competitive advantages or to improve its market position
First-mover benefits are often critical to a firm's success in industries: - ANSWERS-
experiencing rapid technological developments
-with relatively short product life cycles
In addition to earning above-average returns until its competitors respond to its
successful competitive action, the first mover can gain: - ANSWERS-the loyalty of
customers
-market share
First movers tend to: - ANSWERS•Be aggressive
•Be willing to experiment with innovation
•Take higher yet reasonable levels of risk
To be a first mover, the firm must have readily available resources to: - ANSWERS-
Invest significantly in R&D
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