Mgmt 451 Exam 1 Ch 5

Front 1

competitors

Back 1

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

Front 2

competitive rivalry

Back 2

the ongoing set of competitive actions and competitive responses that occur among firms as they maneuver for an advantageous market position

Front 3

competitive behavior

Back 3

set of competitive actions and competitive responses the 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

resource similarity

Back 6

the extent to which the firms's tangible and intangible resources are companarable to a competitors's in terms of both type and amount

Front 7

competitive action

Back 7

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

Front 8

competitive response

Back 8

a strategic or tactial action the firm takes to counter the effects of a competitor's competitive action

Front 9

strategic action/response

Back 9

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

Front 10

tactical action/response

Back 10

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 11

first mover

Back 11

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

Front 12

second mover

Back 12

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

Front 13

late mover

Back 13

firm that responds to a competitive action a sigificant amount of time after the first mover's action and the second mover's response

Front 14

quality

Back 14

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

Front 15

slow-cycle markets

Back 15

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

Front 16

fast-cycle markets

Back 16

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

Front 17

standard-cycle markets

Back 17

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