BUS 4385 Strategic Management, Palich, Exam 1
strategic competitiveness - Answer- achieved when a firm successfully formulates and implements a value-creating strategy strategy - Answer- an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain competitive advantage competitive advantage - Answer- when a firm implements a strategy that creates superior value for customers and that competitors are unable to duplicate or find it too costly to try to imitate above-average returns - Answer- returns in excess of what an investor expects to earn from other investments with a similar amount of risk risk - Answer- an investor's uncertainty about the economic gains or losses that will result from a particular investment average returns - Answer- returns equal to those an investor expects to earn from other investments with a similar amount of risk strategic management process - Answer- the full set of commitments, decisions, and actions required for a firm to achieve strategic competitiveness and earn above-average returns hypercompetition - Answer- competitions that is excessive such that it creates inherent instability and necessitates constant disruptive change for firms in the competitive landscape global economy - Answer- one in which goods, services, people, skills, and ideas move freely across geographic borders strategic flexibility - Answer- a set of capabilities used to respond to various demands and opportunities existing in a dynamic and uncertain competitive environment resources - Answer- inputs into a firm's production process, such as capital equipment, the skills of individual employees, patents, finances, and talented managers capability - Answer- the capacity for a set of resources to perform a task or an activity in an integrative manner core competencies - Answer- capabilities that serve as a source of competitive advantage for a firm over its rivals
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