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35 Cards in this Set

  • Front
  • Back
refers to the body of scientific knowledge used in the production of goods and services
technology
set of technical specifications that producers adhere to when making the product or component of it
technical standards
battles to set and control technical standards in a market
format wars
a common set of features or design characteristics
dominant design
underlying scientific knowledge that companies in the industry use is advancing rapidly
high-tech industries
when standards fall into the ___, it means any company can freely incorporate with it
public domain
industries where the size of the network or complementary products is a primary determinant of demand for an industry's product
network effects
the first to develop and pioneer revolutionary new products that can lead to an enduring competitive advantage
first-mover advantage
applications or uses of a new technology or product that are so compelling that they persuade customers to adopt to them
killer applications
assets required to exploit a new innovation and gain a competitive advantage
complementary assets
occurs when new technologies come along that revolutionize the structure of the industry, dramatically alter the nature of competition, and require companies to adopt new strategies
technological paradigm shifts
paradigm shifts are more likely to occur with
Natural limits to technology

New disruptive technology
network effects and positive feedback loops often determine
which standard comes to dominate a market
a company that does business in two or more national markets
multinational company
economic benefits that arise from performing a value creation activity in the optimal location for that activity
location economies
typically a 50/50 venture, a favored mode for entering a new market
joint venture
parent company ownws 100% of subsidiary's stock
wholly-owned subsidiaries
cooperative agreements between companies from different countries that are actual or potential competitors
global strategic alliances
makes the most sense when there are strong pressures for cost reduction and the demand for local responsiveness is minimal
standard globalization strategy
most appropriate when there are substantial difference across nations with regard to consumer tastes and preferences, cost pressures not intense
localization strategy
focuses on increasing profitability by customizing the company's goods and services so that they match the taste and preferences in other national markets
localization strategy
increases profitability by reaping cost reductions that come from economies of scale and location economies
global standardization strategy
achieves low costs, differentiates the product, fosters a flow of skills b/w different subsidiaries
transnational strategy
low-cost pressures and low pressures for local responsiveness
international strategy
process of acquiring or merging with industry competitors in an effort to achieve the competitive advantage
horizontal integration
occurs when one company uses its capital resources (stock,cash) to purchase another company
acquisition
an agreement b/w equals to pool their operations and create a a new entity
merger
offering customers the opportunity to buy a range of products at a single price
product bundling
company expands its operations into an industry that produces inputs to the company's products
backward vertical integration
company expands into an industry that uses, distributes, or sells the company's products
forward integration
producing all of a particular input or disposing all of its completed products
full integration
using other suppliers for inputs or independent outlets in addition to company-owned outlets
taper integration
allows one or more of a company's value-chain activities or functions be performed by independent specialized companies
strategic outsourcing
a company becomes too dependent on specialist provider
holdup
company loses important customer contact or competitive information
loss of information