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above-average returns - 🧠ANSWER ✔✔returns in excess of what an
investor expects to earn from other investments with a similar amount of
risk
average returns - 🧠ANSWER ✔✔are returns equal to those an investor
expects to earn from other investments with a similar amount of risk
capability - 🧠ANSWER ✔✔the capacity for a set of resources to perform a
task or an activity in an integrative manner
competitive advantage - 🧠ANSWER ✔✔implementing a chosen strategy, it
creates superior value for customers and when competitors are not able to
imitate the value the firm's products create or find it too expensive to
attempt imitation.
, core competencies - 🧠ANSWER ✔✔capabilities that serve as a source of
competitive advantage for a firm over its rivals
strategic flexibility - 🧠ANSWER ✔✔a set of capabilities used to respond to
various demands and opportunities existing in a dynamic and uncertain
competitive environment
hypercompetition - 🧠ANSWER ✔✔condition where competitors engage in
intense rivalry, markets change quickly and often, and entry barriers are
low
Mission Statement - 🧠ANSWER ✔✔specifies the businesses in which the
firm intends to compete and the customers it intends to serve.
organizational culture - 🧠ANSWER ✔✔refers to the complex set of
ideologies, symbols, and core value that individuals throughout the firm
share and that influence how the firm conducts business.
strategic competitiveness - 🧠ANSWER ✔✔formulating and implementing a
value creating strategy.