Strategic MGMT 449 Ch. 1

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Strategic MGMT 449 Ch. 1
2011-07-14 20:20:49

Strategic mgmt and Strategic Competitiveness
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  1. Strategic Competitiveness
    is achieved when a firm successfully formulates and implements a value creating strategy

    pg. 4
  2. Strategy
    is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage

    pg. 4
  3. Competitive Advantage
    When it implements a strategy competitors are unable to duplicate or find too costly to try to imitate.

    pg. 4
  4. Above-average Returns
    are returns in excess of what an investor expects to earn from other investments w/ a similar amount of risk.

    pg. 5
  5. Risk
    is an investor's uncertainty about the economic gains or losses that will result from a particular investment

    pg. 5
  6. Average Returns
    are returns equal to those an investor expects to earn from other investments w/ a similar amount of risk.

    Pg. 6
  7. Strategic Management Process
    is the full set of commitments, decisions, and actions required for a firm to achieve strategic competitiveness and earn above-avg returns

    pg. 6
  8. Hypercompetition
    is a term often used to capture the realities of the competitive landscape.

    pg. 9
  9. Global Economy
    is one in which goods, services, people, skills, and ideas move freely across geographic borders.

    pg. 9
  10. Globalization
    is the increasing economic interdependence among countries and their organizations as reflected in the flow of goods and services, financial capital, and knowledge across country borders.
  11. Perpetual Innovation
    is a term used to describe how rapidly and consistently new, information-intensive technologies replace older ones.

    pg. 11
  12. Strategic Flexibility
    is a set of capabilities used to respond to various demands and opportunities existing in a dynamic and uncertain competitive environment.

    pg. 13
  13. Resources
    are inputs into a firm's production process, such as capital equipment, the skills of individual employees, patents, finances, and talented managers.

    pg. 15
  14. Capability
    is the capacity for a set of resources to perform a task or an activity in an integrative manner.

    pg. 15
  15. Core Competencies
    Resources and capabilities that serve as a source of competitive advantage for a firm over its rivals.

    pg 16
  16. Vision
    is a picture of what the firm wants to be and, in broad terms, what it wants to ultimately achieve.

    pg. 17
  17. Mission
    Specifies the business or businesses in which the firm intends to compete and the customers it intends to serve.

    pg. 18
  18. Stakeholders
    are the individuals and groups who can affect the firm's vision and mission, are affected by the strategic outcomes achieved, and have enforceable claims on the firm's performance.

    pg. 20
  19. Strategic Leaders
    are ppl located in different parts of the firm using the strategic mgmt process to help the firm reach its vision and mission.

    pg. 23
  20. Organizational Culture
    refers to the complex set of ideologies, symbols, and core values that are shared throughout the firm and that influence how the firm conducts business.

    pg. 23
  21. Profit Pool
    entails te total profits earned in an industry at all points along the value-chain.

    pg. 24