Strategic Mgmt 449 Ch. 5

Firms operating in the SAME market, offering SIMILAR products, & targeting SIMILAR customer

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is the ongoing set of competitive actions & competitive responses that occur among firms as they maneuver for an advantageous market position

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is the set of competitive actions & competitive responses the firm takes to build or defend its competitive advantages & to improve its market position

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Occurs when firms compete against each other in several product or geographic markets

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Refer to all competitive behaviors-that is, the total set of actions and responses taken by all firms competing within a market

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is concerned w/ the number of markets w/ which the firm & a competitor are jointly involved and the degree of importance of the individual markets to each.

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is the extent to which the firm's tangible and intangible resources are comparable to a competitor's in terms of both type and amount.

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is a strategic or tactical action the firm takes to build or defend its competitive advantages or improve its market position

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is a strategic or tactical action the firm takes to counter the effects of a competitor's competitive action

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Is a market-based move that involves a significant commitment of organizational resources and is difficult to implement and reverse

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Is a market-based move that is taken to fine-tune a strategy; it involves fewer resources and is relatively easy to implement and reverse.

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is a firm that takes an initial competitive action in order to build or defend its competitive advantages or to improve its market position

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Is a firm that responds to the first mover's competitive action, typically through imitation

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is a firm that responds to a competitive action a significant amount of time after the first mover's action and the second mover's response.

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Exists when the firm's goods or services meet or exceed customers' expectations.

From a strategic perspective, is the outcome of how a firm completes primary and support activities.

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denotes the extent to which a firm's revenues or profits are derived from a particular market.

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are those in which the firm's competitive advantages are shielded from imitation commonly for long periods of time and where imitation is costly (slow imitation)

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are markets in which the firm's capabilities that contribute to competitive advantages aren't shielded from imitation and where imitation is often rapid and inexpensive.

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are markets in which the firm's competitive advantages are moderately shielded from imitation and where imitation is moderately costly.

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