strategic competitiveness - Answer-achieved when a firm successfully formulates and implements a value-creating strategy
strategy - Answer-integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage
competitive advantage - A...
WPC 480 Chapter 1 Exam Questions and
Answers
strategic competitiveness - Answer-achieved when a firm successfully formulates and
implements a value-creating strategy
strategy - Answer-integrated and coordinated set of commitments and actions designed
to exploit core competencies and gain a competitive advantage
competitive advantage - Answer-when a firm implements a strategy that creates
superior value for customers and competitors are unable to duplicate or find too costly
to try to imitate
above-average returns - Answer-returns in excess of what an investor expects to earn
from other investments with a similar amount of risk
risk - Answer-investor's uncertainty about the economic gains or losses that will result
from a particular investment
average returns - Answer-returns equal to those an investor expects to earn from other
investments with a similar amount of risk
strategic management process - Answer-The full set of commitments, decisions, and
actions required for a firm to achieve strategic competitiveness and earn above-average
returns.
process involves analysis, strategy, and performance (ASP model)
hypercompetition - Answer-condition where competitors engage in intense rivalry,
markets change quickly and often, and entry barriers are low. firms find it difficult to
maintain competitive advantage
global economy - Answer-one in which goods, services, people, skills, and ideas move
freely across geographic borders
globalization - Answer-increasing economic interdependence among countries and their
organizations as reflected in the flow of products, financial capital, and knowledge
across country borders
technology diffusion - Answer-the speed at which new technologies become available
and are used
perpetual innovation - Answer-term used to describe how rapidly and consistently new,
information-intensive technologies replace older ones
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