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BUS 4385 exam 1

Terms in this set (67)

when a firm successfully formulates and implements a value-creating strategy?
strategic competitiveness
coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage?
strategy
capabilities that serve as a source of competitive advantage for a firm over its rivals?
core competencies
ability for a set of resources to perform a task or activity in an integrative manner?
capability
when a firm implements a strategy that creates superior value for customers and its competitors are unable to duplicate or find too costly to imitate?
competitive advantage
returns in excess of what an investor expects to earn from other investments with a similar amount of risk?
above average returns
expected return based on other investments with similar risk?
average returns
investor's uncertainty about economic gain or loss resulting from an investment?
risk
full set of commitment, decisions, and actions required for a firm to achieve strategic competitiveness and earn above average returns?
strategic management process
where goods, services, people, skills and ideas move freely across geographical borders?
global economy
increasing economic interdependence among countries and their organizations as reflected in the flow of goods, services, financial capital, and knowledge across borders?
globalization
speed at which new technologies become available and are used?
technology diffusion
describes how rapidly and consistently new information-intensive technologies replace older ones?
perpetual innovation
technologies that destroy the value of existing technology and creates new markets?
disruptive technologies
set of capabilities used to respond to various demands and opportunities existing in a dynamic and uncertain competitive environment?
strategic flexibility
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