Study Guide-1

Study Guide-1 - Chapter 1 Strategic competitiveness-...

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Chapter 1 Strategic competitiveness- formulates and implements to value creating strategy. Strategy- integrated and coordinated actions and commitments to achieve competitive advantage. Competitive advantage- unduplicated and costly to imitate Rare Valuable Costly to imitate Non substitutable Strategic Management Process- A firms actions, commitments and decisions to achieve above average returns and strategic competitiveness. Risk- uncertainity due to the economy losses and gains Hypercompetitivness- market realities of the competitive landscape. Assumptions of market stability is replaced with instability and change. Primary drivers are technology and economy influence. Technology trends are Technology diffusion and disruptive technology The information age Strategic Flexibility- set of capabilities used to respond to various demands and opportunities in a uncertain competitive environment. Increasing knowledge Global economy- goods, services, people, skills and ideas are freely across geographic borders. Globalization- increasing economic interdependence among countries and organizations as reflected in goods and services. Resources- are inputs. Intangible- reputation, human resources, and innovation resources Tangible-physical, financial, organizational, and technology Capabilities- a set of resources Distribution, human resources, management information systems, marketing, management, manufacturing, research and development Vision- a picture of what the firm what’s to be. Vision comes first then mission. Mission- specifies the business in intends to compete in and the customers Core competencies- capabilities that are the source of the competitive advantage Stakeholders- affected by the firms vision and mission. They also have a enforcement claim Capital- shareholders and banks Product- customers, suppliers, communities, and unions Organizational- employees Strategic leaders- people located in different areas of a firm that uses strategic management
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This note was uploaded on 06/21/2011 for the course MGMT 434 taught by Professor Roberttrumble during the Spring '09 term at VCU.

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Study Guide-1 - Chapter 1 Strategic competitiveness-...

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