Strategic MGMT 449 Ch. 1
Card Set Information
Strategic MGMT 449 Ch. 1
Strategic mgmt and Strategic Competitiveness
is achieved when a firm successfully formulates and implements a value creating strategy
is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage
When it implements a strategy competitors are unable to duplicate or find too costly to try to imitate.
are returns in excess of what an investor expects to earn from other investments w/ a similar amount of risk.
is an investor's uncertainty about the economic gains or losses that will result from a particular investment
are returns equal to those an investor expects to earn from other investments w/ a similar amount of risk.
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
is a term often used to capture the realities of the competitive landscape.
is one in which goods, services, people, skills, and ideas move freely across geographic borders.
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.
is a term used to describe how rapidly and consistently new, information-intensive technologies replace older ones.
is a set of capabilities used to respond to various demands and opportunities existing in a dynamic and uncertain competitive environment.
are inputs into a firm's production process, such as capital equipment, the skills of individual employees, patents, finances, and talented managers.
is the capacity for a set of resources to perform a task or an activity in an integrative manner.
Resources and capabilities that serve as a source of competitive advantage for a firm over its rivals.
is a picture of what the firm wants to be and, in broad terms, what it wants to ultimately achieve.
Specifies the business or businesses in which the firm intends to compete and the customers it intends to serve.
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.
are ppl located in different parts of the firm using the strategic mgmt process to help the firm reach its vision and mission.
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.
entails te total profits earned in an industry at all points along the value-chain.