SEVI 3013 Exam 2- Uark (with Complete Solutions)

Strategic Action correct answers a market-based move that involves a significant commitment of organizational resources and is difficult to implement and reverse Tactical action correct answers a 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 correct answers a strategic or tactical action the firm takes to build or defend its competitive advantages or improve its market position Competitive Response correct answers a strategic or tactical action the firm takes to counter the effects of a competitor's competitive action Competitors correct answers firms operating in the same market, offering similar products, and targeting similar customers Competitive rivalry correct answers the 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: correct answers § Ability to develop and then sustain its competitive advantages § Level (average, below average, or above average) of financial return. Competitive Behavior correct answers the 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 correct answers occurs when firms compete against each other in several product or geographic markets Competitive dynamics correct answers The total set of actions and responses taken by all firms competing within a market. competitor analysis correct answers how companies gather and interpret information about their competitors- to understand Competitor analysis studies: correct answers Future objectives, current strategies, assumptions, capabilities To complete a competitor analysis, firms study: correct answers market commonality and resource similarity market commonality and resource similarity shape the firms: correct answers Awareness, motivation, ability