5 Written questions
5 Matching questions
- Direct competition
- WHAT are the three steps to create strategies that produce sustainable competitive advantage?
- Transient firms
- a involves identifying outstanding practices, processes, and standards at other companies and adapting them to your own company
- b a strategy for reducing risk by buying a variety of items (stocks or, in the case of a corporation, types of businesses), so that the failure of one stock or one business does not doom the entire portfolio.
- c : the firms in a strategic group whose strategies are changing from one strategic position to another
- d the rivalry between two companies that offer similar products and services, acknowledge each other as rivals, and act and react to each other's strategic actions
- e assess the need for strategic change, conduct a situational analysis, and choose strategic alternatives.
5 Multiple choice questions
- providing greater value for customers than competitors can.
- Valuable resource,Rare resource ,Imperfectly imitable resource, and Nonsubstitutable resource
- a resource that is impossible or extremely costly or difficult for other firms to duplicate.
- growth, stability, and retrenchment
- the process of entering new or established markets with new goods or services. (know characteristics for this)
5 True/False questions
Secondary firms → the firms in a strategic group that follow related, but somewhat different strategies than do the core firms
Reality Check: make assessments of the surrounding environment called ______ _______ as known as Environmental Analysis. → Profits,Sales Growth, and Return on Investment
Resources → a resource that is not controlled or possessed by many competing firms.
Retrenchment strategy → strategy that focuses on turning around very poor company performance by shrinking the size or scope of the business
An analysis of an organization's internal environment begins with an assessment of WHAT? → reflect the personality of how the company truly is. This will assist in obtaining the final goals and objectives. You need to know where you're going/destination.