15159554
Description
Flashcards by Catharina Koppensteiner, updated more than 1 year ago
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Created by Catharina Koppensteiner
over 5 years ago
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| Question | Answer |
| When is Strategic Competitiveness achieved? (Definition) | Strategic Competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy |
| Competitive Advantage (Definition) When do firms have an competitive advantage? | When a firm's strategy is impossible or too costly to imitate by other competitors |
| Above-Average Returns (Definition) | Above-Average Returns are greater returns of what an investor expects to earn from other investments with a similar amount of risk |
| Risk (Definition) | Risk is an investor's uncertainty about the economic gains or losses that will result from a particular investment |
| Average Returns (Definition) | Average returns are returns equal to those an investor expects to earn from other investments with a similar amount of risk |
| Strategic Management Process (Definition) | The strategic management process is the full set of commitments, decisions and actions required for a firm to achieve strategic competitiveness and earn above-average returns |
| Global Economy (Definition) | Is an Economy in which goods, services, people, skills and ideas can move freely across geographical borders |
| Globalization (Definition) | is the increasing economic interdependence (gegenseitige Abhängigkeit) among countries/organizations in the flow of goods, services, financial capital and knowledge across borders |
| Technology diffusion (Definition) | Technology diffusion is the rate at which new technologies become available and are used |
| Perpetual Innovation (Definition) Perpetual = laufende Innovation | Describes how rapidly and constantly new (information-intensive) technologies replace older ones |
| Disruptive technologies (Definition) disruptive = zerstörende | Are technologies, which destroy the value of an existing technology and create new markets |
| Knowledge (Definition) | Is information, intelligence and expertise |
| How can Knowledge be gained? | Knowledge is gained through experience, observations and inference. |
| Strategic flexibility (Definition) | Is a set of capabilities used to respond to demands and opportunities existing in a dynamic and uncertain competitive environment. |
| Where is strategic flexibility required? | In a dynamic and uncertain competitive environment. |
| Resources (Definition) | Resources are inputs into a firm's production process (f.e. capital equipment, skills of employees, patents, finances, talented managers) |
| Capability (Definition) | A capability is the capacity for a set of resources to perform a task/activity in an integrative manner |
| Core Competencies (Definition) | Core competencies are capabilities that serve as a source of competitive advantage (="crown jewels") serve as a = dienen als |
| Vision (Definition) | Is a picture of what the firm wants to be and ultimately achieve |
| Mission (Definition) | A mission specifies the business/businesses in which the firm intends to compete and which customers it intends to serve |
| Stakeholders (Definition) 3affects/causes | are individuals/groups who: - affect the firm's vision and mission - are affected by the strategic outcome the firm achieves through its operations - have a enforceable claims on the firm's performance enforceable claim = durchsetzbarer Anspruch/Forderung |
| Strategic Leaders (Definition) | Are people (in different parts) of a firm who are using the strategic management process to help the firm reach its vision and mission |
| What are the strategic leaders using? | The strategic management process (to achieve firm's vision and mission |
| Organizational Culture (Definition) | Are the ideologies, symbols and core values within a firm, which are influencing how the firm conducts business |
| Profit Pool (Definition) | A profit pool entails the total profits earned in an industry at all points along the value chain |
| Strategy (Definition) | Strategy is an integrated and coordinated set of commitments and actions designed to exploit core competences and gain a competitive advantage |
| Name the 3 categories of resources | Physical Human Organizational Capital |
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