Strategic test 1
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What are the six segments of the General External Environment?
What are Objectives?
specific, measurable targets a firm can use to evaluate the extent to which it is realizing its mission
What is Strategy Implementation?
a firm adopting organizational policies and practices that are consistent with its strategy
What is a Business Level Strategy?
actions firms take to gain competitive advantages in a single market or industry
What is a Corporate Level Strategy?
actions firms take to gain competitive advantages by operating in multiple markets or industries simultaneously
What is Competitive Advantage?
a firm creates more economic value than rival firms
What is Competitive Parity?
a firm creates the same economic value as rival firms
What is Competitive Disadvantage?
a firm generates less economic value than rival firms
What is economic value?
the difference between the perceived benefit gained by a customer who purchases a firm's products or services and the full economic cost of these products or services
theories of how to gain competitive advantage in an industry that emerge over time or have been radically reshaped once they are initially implemented
What is a Complementor?
the value of a firm's products increases in the presence of another firm's product
What are Capabilities?
a subset of a firm's resources, defined as tangible and intangible assets, that enable a firm to take full advantage of other resources it controls
What are Resources?
the tangible and intangible assets that a firm controls, which it can use to conceive and implement its strategies
What are Strengths?
Anything that helps a company gain a competitive advantage
HBR article by Porter, “What is Strategy?”
The essence of strategy is choosing to perform activities differently
Strategy is making trade-offs in competing.
- The essence of strategy is choosing what not
- to do
Its a search for a plan of action
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