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20 Cards in this Set

  • Front
  • Back
sustainable competitive advantage
financial performance that consistently outperform industry averages
operational effectiveness
performing the same tasks better than rivals perform them
fast follower problem
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
strategic positioning
performing different tasks than rivals, or the same tasks in a different way
straddling
when a firm attempts to match benefits of a successful position while maintaining its existing position
resource-based view of competitive advantage
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
dense wave division multiplexing (DWDM)
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
imitation-resistant value chain
a way of doing business that competitors struggle to replicate & that frequently involves technology in a key enabling role
brand
symbolic embodiment of all the information connected with a product or service
viral marketing
leveraging consumers to promote a product or service
scale advantages
advantages related to size
economies of scale
when costs can be spread across increasing units of production or in serving multiple customers
switching costs
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.
network effects
Metcalfe's Law, or network externalities; when the value of a product or service increases as its number of users expands
distribution channels
path through which products or services get to customers
affiliates
third parties that promote a product or service, typically in exchange for a cut of any sales
Porter's Five Forces
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
price transparency
degree to which complete information is available
information asymmetry
decision situation where one party has more or better information than its counterparty
value chain
set of activities through which a product or service is created and delivered to customers