MGMT 3820 EXAM 2 QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS VERIFIED
resources
All things used in producing goods and services
competitive advantage
A set of unique features of a company and its products that are perceived by the target
market as significant and superior to the competition
sustainable competitive advantage
companies have tired unsuccessfully to duplicate
valuable resource
a resource that allows companies to improve efficiency and effectiveness
rare resource
a resource that is not controlled or possessed by many competing firms
imperfectly imitable resource
a resource that is impossible or extremely costly or difficult for other firms to duplicate
nonsubstitutable resource
a resource that produces value or competitive advantage and has no equivalent
substitutes or replacements
competitive inertia
a reluctance to change strategies or competitive practices that have been successful in
the past
,strategic dissonance
a discrepancy between a company's intended strategy and the strategic actions
managers take when implementing that strategy
situational SWOT analysis
an assessment of the strengths and weaknesses in an organization's internal
environment and the opportunities and threats in its external environment
distinctive competencies
an organizational strength possessed by only a small number of competing firms
core capabilities
the internal decision-making routines, problem-solving processes, and organizational
cultures that determine how efficiently inputs can be turned into outputs
strategic group
a group of companies within an industry that top managers choose to compare,
evaluate, and benchmark strategic threats and opportunities
benchmarking
A process of continuously measuring system results, comparing those results to optimal
system performance (benchmark values), and identifying steps and procedures to
improve system performance
secondary firms
the firms in a strategic group that follow strategies related to but somewhat different
from those of the core firms
transient firms
, the firms in a strategic group whose strategies are changing from one strategic position
to another
core firms
the central companies in a strategic group
risk avoiding strategy
aims to protect an existing competitive advantage
risk seeking strategy
aims to extend or create a sustainable competitive advantage
shadow-strategy task force
a committee within a company that analyzes the company's own weaknesses to
determine how competitors could exploit them for competitive advantage
strategic reference points
the strategic targets managers use to measure whether a firm has developed the core
competencies it needs to achieve a sustainable competitive advantage
corporate-level strategy
A plan that indicates in which industries and national markets an organization intends to
compete
diversification
A strategy for company growth through starting up or acquiring businesses outside the
company's current products and markets
portfolio strategy
a corporate-level strategy that minimizes risk by diversifying investment among various
businesses or product lines
COMPLETE SOLUTIONS VERIFIED
resources
All things used in producing goods and services
competitive advantage
A set of unique features of a company and its products that are perceived by the target
market as significant and superior to the competition
sustainable competitive advantage
companies have tired unsuccessfully to duplicate
valuable resource
a resource that allows companies to improve efficiency and effectiveness
rare resource
a resource that is not controlled or possessed by many competing firms
imperfectly imitable resource
a resource that is impossible or extremely costly or difficult for other firms to duplicate
nonsubstitutable resource
a resource that produces value or competitive advantage and has no equivalent
substitutes or replacements
competitive inertia
a reluctance to change strategies or competitive practices that have been successful in
the past
,strategic dissonance
a discrepancy between a company's intended strategy and the strategic actions
managers take when implementing that strategy
situational SWOT analysis
an assessment of the strengths and weaknesses in an organization's internal
environment and the opportunities and threats in its external environment
distinctive competencies
an organizational strength possessed by only a small number of competing firms
core capabilities
the internal decision-making routines, problem-solving processes, and organizational
cultures that determine how efficiently inputs can be turned into outputs
strategic group
a group of companies within an industry that top managers choose to compare,
evaluate, and benchmark strategic threats and opportunities
benchmarking
A process of continuously measuring system results, comparing those results to optimal
system performance (benchmark values), and identifying steps and procedures to
improve system performance
secondary firms
the firms in a strategic group that follow strategies related to but somewhat different
from those of the core firms
transient firms
, the firms in a strategic group whose strategies are changing from one strategic position
to another
core firms
the central companies in a strategic group
risk avoiding strategy
aims to protect an existing competitive advantage
risk seeking strategy
aims to extend or create a sustainable competitive advantage
shadow-strategy task force
a committee within a company that analyzes the company's own weaknesses to
determine how competitors could exploit them for competitive advantage
strategic reference points
the strategic targets managers use to measure whether a firm has developed the core
competencies it needs to achieve a sustainable competitive advantage
corporate-level strategy
A plan that indicates in which industries and national markets an organization intends to
compete
diversification
A strategy for company growth through starting up or acquiring businesses outside the
company's current products and markets
portfolio strategy
a corporate-level strategy that minimizes risk by diversifying investment among various
businesses or product lines
