Strategic Mgmt 449 Ch. 5

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tv
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93974
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Strategic Mgmt 449 Ch. 5
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2011-07-18 20:07:17
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Competitive Rivalry and Competitive Dynamics
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  1. Competitors
    Firms operating in the SAME market, offering SIMILAR products, & targeting SIMILAR customer

    pg. 130
  2. Competitive Rivalry
    is the ongoing set of competitive actions & competitive responses that occur among firms as they maneuver for an advantageous market position

    pg. 130
  3. Competitive behavior
    is the set of competitive actions & competitive responses the firm takes to build or defend its competitive advantages & to improve its market position

    pg. 130
  4. Multimarket Competition
    Occurs when firms compete against each other in several product or geographic markets

    pg. 130
  5. Competitive dynamics
    Refer to all competitive behaviors-that is, the total set of actions and responses taken by all firms competing within a market

    pg. 131
  6. Market Commonality
    is concerned w/ the number of markets w/ which the firm & a competitor are jointly involved and the degree of importance of the individual markets to each.

    Pg. 134
  7. Resource Similarity
    is the extent to which the firm's tangible and intangible resources are comparable to a competitor's in terms of both type and amount.

    pg. 134
  8. Competitive Action
    is a strategic or tactical action the firm takes to build or defend its competitive advantages or improve its market position

    pg. 138
  9. Competitive Response
    is a strategic or tactical action the firm takes to counter the effects of a competitor's competitive action

    pg. 138
  10. Strategic Action or Strategic Response
    Is a market-based move that involves a significant commitment of organizational resources and is difficult to implement and reverse

    pg. 138
  11. Tactical Action or a Tactical Response
    Is a market-based move that is taken to fine-tune a strategy; it involves fewer resources and is relatively easy to implement and reverse.

    pg. 138
  12. First Mover
    is a firm that takes an initial competitive action in order to build or defend its competitive advantages or to improve its market position

    pg. 139
  13. Second Mover
    Is a firm that responds to the first mover's competitive action, typically through imitation

    pg. 140
  14. Late Mover
    is a firm that responds to a competitive action a significant amount of time after the first mover's action and the second mover's response.

    pg. 140
  15. Quality
    Exists when the firm's goods or services meet or exceed customers' expectations.

    From a strategic perspective, is the outcome of how a firm completes primary and support activities.

    pg. 141
  16. Market Dependence
    denotes the extent to which a firm's revenues or profits are derived from a particular market.

    pg. 143
  17. Slow-cycle Markets
    are those in which the firm's competitive advantages are shielded from imitation commonly for long periods of time and where imitation is costly (slow imitation)

    pg. 144
  18. Fast-Cycle Markets
    are markets in which the firm's capabilities that contribute to competitive advantages aren't shielded from imitation and where imitation is often rapid and inexpensive.

    pg. 145
  19. Standard-Cycle Markets
    are markets in which the firm's competitive advantages are moderately shielded from imitation and where imitation is moderately costly.

    pg. 148

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