Strategic Competitiveness - ANSWERSFirms achieve this by formulating and implementing a value creating strategy
Strategy - ANSWERSAn integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage
Competitive Advantage - ANSWERS...
SEVI 3013 EXAM 1 Questions & Answers
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Strategic Competitiveness - ANSWERSFirms achieve this by formulating and
implementing a value creating strategy
Strategy - ANSWERSAn integrated and coordinated set of commitments and actions
designed to exploit core competencies and gain a competitive advantage
Competitive Advantage - ANSWERSA firm has this when by implementing a chosen
strategy, it creates superior value for customers and when competitors are not able to
imitate the value the firm's products create or find it too expensive to attempt imitation
Above-Average Returns - ANSWERSReturns in excess of what an investor expects to
earn from other investments with a similar amount of risk
Risk - ANSWERSAn investor's uncertainty about the economic gains or losses that will
result from a particular investment
Average Returns - ANSWERSReturns equal to those an investor expects to earn from
other investments possessing a similar amount of risk
Strategic Management Process - ANSWERSThe full set of commitments, decisions,
and actions firms take to achieve strategic competitiveness and earn above-average
returns
Hypercompetition - ANSWERSCondition where competitors engage in intense rivalry,
markets change quickly and often, and entry barriers are low
Global Economy - ANSWERSOne in which goods, services, people, skills, and ideas
move freely across geographic borders
Strategic Flexibility - ANSWERSA set of capabilities firms use to respond to various
demands and opportunities existing in today's dynamic and uncertain competitive
environment
Resources - ANSWERSInputs into a firm's production process, such as capital
equipment, the skills of individual employees, patents, finances, and talented managers
Capability - ANSWERSThe capacity for a set of resources to perform a task or an
activity in an integrative manner
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