Chapter 6 Summary.docx

Chapter 6 Summary.docx - Professor Noh MGT 250 20 April...

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Professor Noh MGT 250 20 April 2017 Chapter 6 Summary Resources - the assets, capabilities, processes, employee time, information, and knowledge that an organization uses to improve its effectiveness and efficiency and create and sustain competitive advantage. Competitive advantage - providing greater value for customers that competitors can. Sustainable competitive advantage - a competitive advantage that other companies have tried unsuccessfully to duplicate and have, for the moment, stopped trying 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. There are three steps in the strategy-making process: assess the need for strategic change, conduct a situational analysis, and then choose strategic alternatives. 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 competence - what a company can make, do, or perform better than its competitors.
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Core capabilities - the internal decision-making routines, problem-solving processes, and organizational cultures that determine how efficiently inputs can be turned into outputs.
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  • Fall '17
  • strategic group, Five Industry Forces, Professor Noh

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