Strategic Competitiveness - ACCURATE ANSWERS achieved when a firm successfully formulates and implements a value-creating strategy
Strategy - ACCURATE ANSWERS integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage
Compe...
WPC 480 MIDTERM EXAM
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ACCURATE ANSWERS
Strategic Competitiveness - ACCURATE ANSWERS✔✔ achieved
when a firm successfully formulates and implements a value-creating
strategy
Strategy - ACCURATE ANSWERS✔✔ integrated and coordinated set
of commitments and actions designed to exploit core competencies and
gain a competitive advantage
Competitive Advantage - ACCURATE ANSWERS✔✔ when it
implements a strategy that creates superior value for customers and
competitors are unable to duplicate or find too costly to try to imitate.
Above average returns - ACCURATE ANSWERS✔✔ returns in excess
of what an investor expects to earn from other investments with a similar
amount of risk
Risk - ACCURATE ANSWERS✔✔ investors uncertainty about the
economic gains or losses that will result from a particular investment
Average returns - ACCURATE ANSWERS✔✔ returns equal to those an
investor expects to earn from other investments with a similar amount of
risk
,Strategic Management Process - ACCURATE ANSWERS✔✔ full set of
commitment, decisions, and actions required for a firm to achieve
strategic competitiveness and earn above-average returns
first step is to ANALYZE (external and internal resources, capabilities,
core competencies), next STRATEGIZE (formulation and
implementation), then take action to enact strategy to have good
PERFORMANCE
Todays competitive markets: - ACCURATE ANSWERS✔✔ 1. The
global economy
2. Globalization
3. Rapid technological change
4. Increasing importance of knowledge and people
Hypercompetition - ACCURATE ANSWERS✔✔ -A term often used to
capture the realities of the competitive landscape.
-Emergence of GLOBAL ECONOMY and TECHNOLOGY (rapid
change) are two primary drivers of hyper-competitive environments and
nature of todays competitive landscape
Other strategic options:
-Use of
price-quality positioning to build market presence
,-Creation of new know-how and
use of first-mover advantage
-Protection or invasion of established geographic or product markets
The Global competitive landscape - ACCURATE ANSWERS✔✔
Increasing:
-Market volatility and instability due to
the rapid pace of change in markets
-Globalized flow of financial capital
-Strategic and operational complexity
of global-scale competition
-Need for flexibility, speed, innovation,
and integration in the use of technology
-Rising product quality standards
Decreasing:
-Time for adapting to change
-Traditional sources of competitive advantage
-Traditional managerial mindset
Technology and Technological Changes - ACCURATE ANSWERS✔✔
Technology trends impacting the global competitive environment
-Increasing rate of technology diffusion and the emergence
of disruptive technologies
, -The information age: Internet and the global proliferation of low-cost
computing power
-Increasing knowledge intensity
as an intangible source of competitive advantage
In order to cope with new marketplace... - ACCURATE ANSWERS✔✔
Strategic Flexibility
-coping with the uncertainty and risks of hypercompetitive
environments.
-requires continuous learning and applying the new and updated skills
sets and competencies to the firm's competitive advantage.
--must overcome built-up organizational inertia.
What is the marketplace like for today's firms? - ACCURATE
ANSWERS✔✔ •A piece of it has moved online
•Globalization, firms were competing with local firms, now you're
competing with national firms
•Omni-channel
•More regulations trying to hold CEO's more accountable
•Consumers are more demanding because there are so many other
options so they want better quality for cheaper price
•Pressure to innovate
-Hypercompetition
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