BUS 4385 exam #2 2023 with compete solution

competitors are firms operating in the same market, offering similar products, and targeting similar customers Competitive rivalry the ongoing set of competitive actions and competitive actions and competitive responses that occur among firms as they maneuver for an advantageous market position competitive behavior the set of competitive actions an responses a given firm takes to build or defend its competitive advantages and to improve its market position multimarket competition occurs when firms compete against each other in several products or geographic markets competitive dynamic refer to all competitive behaviors- that is, the total set of actions and responses taken by all firms competing within a market markt commonality is concerned with the number of markets with which the firm and competitor are jointly involved and the degree of importance of the individual markets to each resource similarity the extent to which the firms tangible and intangible resources are comparable to a competitor's in terms of both type and amount competitive action a strategic or tactical action the firm takes to build or defend its competitive advantages or improve its market position competitive response a strategic or tactical action the firm takes to counter the effects of a competitor's competitive action strategic action/response market-based move that involves a significant commitment of organizational resources and is difficult to implement and reverse Tactical action/response market-based move that is taken to fine-tune a strategy; it involves fewer resources and is relatively easy to implement and reverse first mover is a firm that takes and initial competitive action in order to build or defend it competitive advantages or to improve its market position second mover is a firm that responds to the first mover's competitive action, typically through imitation sow-cycle markets markets in which the firm's competitive advantages are shielded from imitation, commonly for long periods of time, and where imitation is costly fast-cycle markets markets in which the firm's capabilities that contribute to competitive advantages aren't shielded from imitation is often rapid and inexpensive standard-cycle markets markets in which firm's competitive advantages are particularly shielded from imitation and imitation is moderately costly corporate-level strategy specifies actions a firm takes to gain a competitive advantage by selecting and managing a group of different businesses competing in different product markets economies of scope cost savings that the firm creates by successfully sharing some of its resources and capabilities or transferring one or more corporate-level core competencies that were developed in one of its businesses to another of it businesses corporate-level core competencies complex sets of resources and capabilities that link different businesses, primarily through managerial an technological knowledge, experience and expertise. market power exists when a firm is able to sell its products above the existing competitive level or to reduce the costs of its primary are support activities below the competitive level, or both multipoint competition exists when two or more diversified firms simultaneous compete in the same product areas or geographic markets vertical integration exists when a company produces its own inputs (backward integration) or owns its own source of output distribution (forward integration)