Chapter 5: Competitive Rivalry And Competitive Dynamics

Front 1

Competitors

Back 1

Are firms operating in the same market, offering similar products, and targeting similar customers.

Front 2

Competitive Rivalry

Back 2

Is ongoing set of competitive actions and competitive responses that occur among firms as they maneuver for advantageous market positon.

Front 3

Competitive behavior

Back 3

The set of competitive actions and responses a given firm takes to build or defend its competitive advantages and to improve its market position.

Front 4

Multimarket Competition

Back 4

Occurs when firms compete against each other in several product or geographic markets.

Front 5

Competitive Dynamics

Back 5

Refer to all competitive behaviors - that is the total set of actions and responses taken by all firms competing within a market.

Front 6

Market Commonality

Back 6

Is concerned with the number of markets with which the firm and a competitor are jointly involved and the degree of importance of the individual markets to each.

Front 7

Resource Similarity

Back 7

Is the extent to which the firm's tangible and intangible resources are comparable to a competitor's in terms of both type and amount.

Front 8

Competitive Action

Back 8

Is a strategic or tactical action the firm takes to build or defend its competitive advantages or improve its market position.

Front 9

Competitive Response

Back 9

A strategic or tactical actions the firm takes to counter the effects of a competitor's competitive action.

Front 10

Strategic Action/ Strategic Response

Back 10

Is a market-based move that involves a significant commitment of organizational resources and is difficult to implement and reverse.

Front 11

Tactical Action/Response

Back 11

Is a market-based move that is taken to fine tune a strategy; it involves fewer resources and is relatively easy to implement and reverse.

Front 12

First Mover

Back 12

Is a firm that takes an initial competitive action in order to build or defend its competitive advantages or to improve its market position.

Front 13

Second Mover

Back 13

Is a firm that responds to the first mover's competitive action, typically through imitation.

Front 14

Late Mover

Back 14

Is a firms that responds to a competitive action a significant amount or time after the first mover's action and the second mover's response.

Front 15

Quality

Back 15

Exists when the firm's goods or services meet or exceed customers' expectations.

Front 16

Slow-Cycle Markets

Back 16

Are markets in which the firm's competitive advantages are shielded from imitation, commonly for long periods of time, and where imitation is costly.

Front 17

Fast-Cycle Markets

Back 17

Are markets in which the firm's capabilities that contribute to competitive advantages aren't shielded from imitation and where imitation is often rapid and inexpensive.

Front 18

Standard-Cycle Markets

Back 18

Are markets in which the firm's competitive advantages are partially shielded from imitation and imitation is moderately costly.