Business Strategies Test 2 Vocab

Business Strategies Test 2 Vocab - Business Strategies Test...

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Business Strategies Test 2 Vocab 1. Competitive Rivalry- ongoing set of competitive actions and competitive responses that occur among firms as they maneuver for an advantageous market position. 2. Competitive behavior- set of competitive actions and competitive responses the firm takes to build or defend its competitive advantages and to improve its market position. 3. Multimarket Competition- occurs when firms compete against each other in several product or geographic markets. 4. Competitive Dynamics- refers to all competitive behaviors—that is, the total set of actions and responses taken by all firms competing within a market. 5. Market Commonality- is concerned with the number of markets with which the firm and a competitor are jointly involved and the degree of importance of individual markets to each. 6. Resource Similarity- the extent to which the firm’s tangible resources are comparable to a competitors in terms of both type and amount. 7. Awareness- prerequisite to any competitive action or response taken by a firm, refers to the extent to which competitors recognize the degree of their mutual interdependence that results from market commonality and resource similarity. 8. Competitive Action- strategic or tactical action the firm takes to build or defend its competitive advantages or improve its market position. 9. Competitive Response- is a strategic or tactical action the firm takes to counter the effects of a competitor’s competitive action. 10. Strategic Action/Response- a market-based move that involves a significant commitment of organizational resources and is difficult to implement and reverse. 11. Tactical Action/response- market-based move that is taken to fine-tune a strategy; it involves fewer resources and is relatively easy to implement and reverse. 12. First Mover- a firm that takes an initial competitive action in order to build or defend its competitive advantages or to improve its market position. 13. Second Mover-
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This note was uploaded on 08/08/2011 for the course WCOB 3016 taught by Professor Staff during the Spring '08 term at Arkansas.

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Business Strategies Test 2 Vocab - Business Strategies Test...

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