Competitive Rivalry and Competitive Dynamics

Question 1

Firms operating in the same market, offering similar products, and targeting similar customers

Answer 1

competitors

Question 2

The ongoing set of competitive actions and competitive responses that occur among firms as they maneuver for an advantageous market position

Answer 2

competitive rivalry

Question 3

The set of competitive actions and responses a firm takes to build or defend its competitive advantages and to improve its market position

Answer 3

competitive behaviour

Question 4

When firms compete against each other in several products or geographic markets

Answer 4

multimarket competition

Question 5

The total set of competitive actions and responses taken by all firms competing within a market

Answer 5

competitive dynamics

Question 6

Concerned with the number of markets with which the firm and a competitor are jointly involved and the degree of importance of the individual markets to each

Answer 6

market commonality

Question 7

The extent to which the firm’s tangible and intangible resources compare favourably to a competitor’s in terms of type and amount

Answer 7

resource similarity

Question 8

A strategic or tactical action the firm takes to build or defend its competitive advantage or improve its market position

Answer 8

competitive action

Question 9

Strategic or tactical actions the firms take to counter the effects of a competitor’s competitive actions

Answer 9

competitive response

Question 10

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

Answer 10

strategic action or strategic response

Question 11

A market-based move that firms take to fine-tune a strategy; these actions and responses involve fewer resources and are relatively easy to implement and reverse

Answer 11

tactical action or tactical response

Question 12

A firm that takes an initial competitive action to build or defend its competitive advantages or to improve its market position

Answer 12

first mover

Question 13

A firm that responds to the first mover’s competitive action, typically through imitation

Answer 13

second mover

Question 14

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

Answer 14

late mover

Question 15

Exists when the firm’s products meet or exceed customer’s expectations

Answer 15

quality

Question 16

Markets in which competitors lack the ability to imitate the focal firm’s competitive advantages that commonly last for long periods, and where imitation would be costly

Answer 16

slow-cycle markets

Question 17

Markets in which competitors can imitate the focal firm’s capabilities that contribute to its competitive advantages and where that imitation is often rapid and inexpensive

Answer 17

fast-cycle markets

Question 18

Markets in which some competitors may be able to imitate the focal firm’s competitive advantages and where that imitation is moderately costly

Answer 18

standard-cycle markets