CHAPTER 5.docx - CHAPTER 5 o Competitors firms operating in...

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CHAPTER 5 o Competitors: firms operating in the same market, offering similar products, and targeting similar customers. o Firms interact with their competitors as part of the broad context within which they operate while attempting to earn above average returns. o Decision firms make about their interaction with competitors significantly affect their ability to earn above average returns (thus why they seek to reach optimal decisions when considering how to compete against rivals.) o Competitive rivalry: ongoing set of competitive actions and responses that occur among firms as they maneuver for an advantageous market position. o Sequence of firm level moves, rivalry results from firms initiating their own competitive actions and then responding to actions taken by competitors. o Competitive behavior: is the set of competitive actions and responses a given firm takes to build or defend its competitive advantages and to improve its market position.
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