Strategic test 1

• 1)    
• Tech
• change

• 2)    
• Dem
• trends

• 3)    
• Cult
• trends

• 4)    
• Econ
• climate

• 5)    
• Legal/political
• conclusions

• 6)    
• International
• events

specific, measurable targets a firm can use to evaluate the extent to which it is realizing its mission 

a firm adopting organizational policies and practices that are consistent with its strategy 

actions firms take to gain competitive advantages in a single market or industry 

actions firms take to gain competitive advantages by operating in multiple markets or industries simultaneously 

a firm creates more economic value than rival firms

a firm creates the same economic value as rival firms

a firm generates less economic value than rival firms

the difference between the perceived benefit gained by a customer who purchases a firm's products or services and the full economic cost of these products or services 

theories of how to gain competitive advantage in an industry that emerge over time or have been radically reshaped once they are initially implemented 

the value of a firm's products increases in the presence of another firm's product 

a subset of a firm's resources, defined as tangible and intangible assets, that enable a firm to take full advantage of other resources it controls 

the tangible and intangible assets that a firm controls, which it can use to conceive and implement its strategies 

Anything that helps a company gain a competitive advantage

The essence of strategy is choosing to perform activities differently

Strategy is making trade-offs in competing.

• The essence of strategy is choosing what not
• to do

Its a search for a plan of action