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Strategic Competitiveness - ✔✔Firms achieve this by formulating and implementing a value creating strategy Strategy - ✔✔An integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage Competitive Advantage - ✔✔A firm has this when by 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 Above-Average Returns - ✔✔Returns in excess of what an investor expects to earn from other investments with a similar amount of risk
Risk - ✔✔An investor's uncertainty about the economic gains or losses that will result from a particular investment Average Returns - ✔✔Returns equal to those an investor expects to earn from other investments possessing a similar amount of risk Strategic Management Process - ✔✔The full set of commitments, decisions, and actions firms take to achieve strategic competitiveness and earn above-average returns Hypercompetition - ✔✔Condition where competitors engage in intense rivalry, markets change quickly and often, and entry barriers are low Global Economy - ✔✔One in which goods, services, people, skills, and ideas move freely across geographic borders
Mission - ✔✔Specifies the businesses in which the firm intends to compete and the customers it intends to serve Stakeholders - ✔✔Individuals, groups, and organizations, that can affect the firm's vision and mission, are affected by the strategic outcomes achieved, and have enforceable claims on the firm's performance Strategic Leaders - ✔✔People located in different areas and levels of the firm using the strategic management process to select actions that help the firm achieve its vision and fulfill its mission Organizational Culture - ✔✔Refers to the complex set of ideologies, symbols, and core values that individuals throughout the firm share and that influence how the firm conducts business
General Environment - ✔✔Composed of dimensions in the broader society that influence an industry and the firm within it Industry Environment - ✔✔The set of factors that directly influences a firm and its competitive actions and responses:-The power of suppliers-The power of buyers- The threat of product substitutes-The intensity of rivalry among competing firms Competitor Analysis - ✔✔How companies gather and interpret information about their competitors is called competitor analysis Opportunity - ✔✔A condition in the general environment that, if exploited effectively, helps a company reach strategic competitiveness Threat - ✔✔Condition in the general environment that may hinder a company's efforts to achieve strategic competitiveness
regulations guiding interactions among nations as well as between firms and various local governmental agencies Sociocultural Segment - ✔✔Concerned with a society's attitudes and cultural values Technological Segment - ✔✔Includes the institutions and activities involved in creating new knowledge and translating that knowledge into new outputs, products, processes, and materials Global Segment - ✔✔Includes relevant new global markets and their critical cultural and institutional characteristics, existing markets that are changing and important international political events Sustainable Physical Environment Segment - ✔✔Refers to potential and actual changes in the physical environment and business practices that are intended to positively respond to those changes in order to create a sustainable environment
Industry - ✔✔Group of firms producing products that are close substitutes Economies of Scale - ✔✔Derived from incremental efficiency improvements through experience as a firm grows larger Switching Costs - ✔✔The one-time costs customers incur when they buy from a different supplier Strategic Group - ✔✔A set of firms emphasizing similar strategic dimensions and using a similar strategy is called a strategic group Competitor Intelligence - ✔✔The set of data and information the firm gathers to better understand and anticipate competitors' objectives, strategies, assumptions, and capabilities
