Strategic MGMT 449 Ch. 1

is achieved when a firm successfully formulates and implements a value creating strategy

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is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage

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When it implements a strategy competitors are unable to duplicate or find too costly to try to imitate.

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are returns in excess of what an investor expects to earn from other investments w/ a similar amount of risk.

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is an investor's uncertainty about the economic gains or losses that will result from a particular investment

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are returns equal to those an investor expects to earn from other investments w/ a similar amount of risk.

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is the full set of commitments, decisions, and actions required for a firm to achieve strategic competitiveness and earn above-avg returns

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is a term often used to capture the realities of the competitive landscape.

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is one in which goods, services, people, skills, and ideas move freely across geographic borders.

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is the increasing economic interdependence among countries and their organizations as reflected in the flow of goods and services, financial capital, and knowledge across country borders.

is a term used to describe how rapidly and consistently new, information-intensive technologies replace older ones.

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is a set of capabilities used to respond to various demands and opportunities existing in a dynamic and uncertain competitive environment.

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are inputs into a firm's production process, such as capital equipment, the skills of individual employees, patents, finances, and talented managers.

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is the capacity for a set of resources to perform a task or an activity in an integrative manner.

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Resources and capabilities that serve as a source of competitive advantage for a firm over its rivals.

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is a picture of what the firm wants to be and, in broad terms, what it wants to ultimately achieve.

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Specifies the business or businesses in which the firm intends to compete and the customers it intends to serve.

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are the individuals and groups who can affect the firm's vision and mission, are affected by the strategic outcomes achieved, and have enforceable claims on the firm's performance.

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are ppl located in different parts of the firm using the strategic mgmt process to help the firm reach its vision and mission.

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refers to the complex set of ideologies, symbols, and core values that are shared throughout the firm and that influence how the firm conducts business.

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entails te total profits earned in an industry at all points along the value-chain.

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