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18 Cards in this Set
- Front
- Back
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strategic competitiveness
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acheived when a firm successfully formulates and implements a value-creating strategy
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strategy
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integrated and coordinated set of commitments and actions designed to exploit core competences and gain a competitive advantage
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competitive advantage
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when a firm implements a strategy competitors are unable to duplicate or find too costly to try to imitate
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above average returns
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returns in excess of what an investor expects to earn from other investments with a similar amount of risk
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risk
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an investor's uncertainty about the economic gains or losses that will result from a particular investment
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average returns
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returns equal to those an investor expects to earn from other investments with a similar amount of risk
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strategic management process
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full set of commitments, decisions, and actions required for a firm to acheive strategic competitiveness and earn above average returns
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global economy
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one in which goods, services, people, skills, and ideas move freely across geographic borders
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strategic flexibility
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set of capabilities used to respond to various demands and opportunities existing in a dynamic and uncertain competitive environment
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resources
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inputs into a firms production process, such as capital equipment, the skills of the individual employee, patents, finances, managers, etc.
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capability
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the capacity for a set of resources to perform a task or an activity in an integrative manner
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core competences
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capabilties that serve as a source of competitive advantage for a firm over its rivals
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vision
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picture of what the firm wants to be and in broad terms, what it wants to ultimately acheive
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mission
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specifies the business or businesses in which the firm intends to compete and the customers it intends to serve
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stakeholders
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individuals and groups who can affect and are affected by the strategic outcomes acheived and who have enforceable claims on a firm's presence
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strategic leaders
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people located in different parts of the firm using the strategic management process to help the firm reach its vision and mission
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organizational culture
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complex set of ideologies, symbols, and core values that are shared throughout the firm and that influence how the firm conducts business
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profit pool
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the total profits earned in an industry at all points along the value chain
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