MGMT411 Chapter 4 Test Bank [211581]2023

pursuing a set of unique activities that provide value to customers; making trade off about which businesses to pursue, what products to produce, and which customers to serve; and aligning resources to achieve organizational objectives - -strategy -a firm achieves a competitive advantage when it creates more economic value than competitors by engaging in a strategy that is difficult or impossible for others to duplicate - -competitive advantage -a competitive advantage that other companies have tried unsuccessfully to duplicate and have, for the moment, stopped trying to duplicate - -sustainable competitive advantage -the act of growing through unrelated diversification, essentially by acquiring companies in different industries - -conglomerate -an organizationally, desired result, product, or end state - -goal -a network of unique activities that strategically fit together and are difficult to replicate - -core competencies -a concept or picture of what a firm wants to achieve and how plans to accomplish that - -vision -the activities a firm performs for its customers - -mission -a statement that defines a firm's reason for existence - -mission statement -mission statements usually provide: - --define purpose -build motivation and commitment among employees -provide direction and inspiration -serve as a focal point -assist in making strategic trade-offs -series of quantifiable mi