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 ...
WPC 480 Midterm Exam Questions and
Answers
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-when a firm implements a strategy that creates
superior value for customers and that competitors are unable to duplicate or find it too
costly to try to imitate
above-average returns - Answer-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-full set of commitments, decisions and actions
required for a firm to achieve strategic competitiveness and earn above-average returns
hyper-competition - 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 borders
strategic flexibility - Answer-a set of capabilities used to respond to various demands
and opportunities existing in a dynamic and uncertain competitive environment
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 over its rivals
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