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An action managers take to attain a goal of an organization.

Competitive Advantage

Advantage obtained when a firm outperforms rivals.

Distinctive Competency

A unique strength that rivals lack.

Sustainable Competitive Advantage

A distinctive competency that rivals cannot easily match or imitate.

Barrier to Imitation

Factors that make it difficult for a firm to imitate the competitive position of a rival.

Legacy Constraints

Prior investments in a particular way of doing business that are difficult to change and limit a firm's ability to imitate a successful rival.

Business-level Strategy

Strategy concerned with deciding how a firm should compete in the industries in which it has elected to participate.

Low-cost Strategy

Focusing managerial energy and attention on doing everything possible to lower the costs of the organization.

Economies of Scale

Cost advantages derived from a large sales volume.

Differentiation Strategy

Increasing the value of a product offering in the eyes of consumers.


Identifying and selecting appropriate coals and courses of action; one of the four principal functions of management.


A cluster of decisions about what goals to pursue, what actions to take, and how to use resources to achieve goals.

Mission Statement

A broad declaration of an organization's purpose that identifies the organization's products and customers and distinguishes the organization from its competitors.

Corporate-level Plan

Top management's decisions pertaining to the organization's mission, overall strategy, and structure.

Corporate-level Strategy

A plan that indicates in which industries and national markets an organization intends to compete.

Business-level Plan

Divisional managers' decisions pertaining to divisions' long-term goals, overall strategy, and structure.

Business-level Strategy

A plan that indicates how a division intends to compete against its rivals in an industry.

Functional-level Plan

Functional managers' decisions pertaining to the goals that they propose to pursue to help the division attain its business-level goals.

Functional-level Strategy

A plan that indicates how functional managers intend to increase the value of the organization's goods and services.

Time Horizon

The intended duration of a plan.

Scenario Planning

The generation of multiple forecasts of future conditions followed by an analysis of how to respond effectively to each of those conditions.

Strategic Leadership

The ability of the CEO and top managers to convey a compelling vision of what they want the organization to achieve to their subordinates.

Strategy Formulation

The development of a set of corporate-, business-, and functional strategies that allow an organization to accomplish its mission and achieve its goals.

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