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20 Cards in this Set
- Front
- Back
sustainable competitive advantage
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financial performance that consistently outperform industry averages
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operational effectiveness
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performing the same tasks better than rivals perform them
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fast follower problem
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exists when savvy rivals watch a pioneer's efforts, learn from their successes and missteps, then enter the market quickly with a comparable or superior product at a lower cost before the first mover can dominate
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strategic positioning
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performing different tasks than rivals, or the same tasks in a different way
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straddling
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when a firm attempts to match benefits of a successful position while maintaining its existing position
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resource-based view of competitive advantage
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strategic thinking approach suggesting that if a firm is to maintain sustainable competitive advantage, it must control an exploitable resource, or set of resources, that have 4 characteristics:
resources must be 1) valuable, 2) rare, 3) imperfectly imitable, 4) non substitutable |
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dense wave division multiplexing (DWDM)
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technology that increases the transmission capacity (speed) of fiber optic cable; transmit light inside "glass" cables; light inside fiber is split into different wavelengths similar to how a prism splits light into different colors
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imitation-resistant value chain
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a way of doing business that competitors struggle to replicate & that frequently involves technology in a key enabling role
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brand
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symbolic embodiment of all the information connected with a product or service
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viral marketing
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leveraging consumers to promote a product or service
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scale advantages
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advantages related to size
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economies of scale
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when costs can be spread across increasing units of production or in serving multiple customers
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switching costs
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cost a consumer incurs when moving from one product to another; can involve actual money spent as well as investments in time, data loss, etc.
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network effects
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Metcalfe's Law, or network externalities; when the value of a product or service increases as its number of users expands
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distribution channels
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path through which products or services get to customers
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affiliates
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third parties that promote a product or service, typically in exchange for a cut of any sales
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Porter's Five Forces
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Industry & Competitive Analysis; 1) intensity of rivalry among existing competitors, 2) threat of new entrants, 3) threat of substitute goods/services, 4) bargaining power of buyers, 5) bargaining power of supplies
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price transparency
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degree to which complete information is available
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information asymmetry
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decision situation where one party has more or better information than its counterparty
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value chain
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set of activities through which a product or service is created and delivered to customers
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