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Strategy > Key terms > Flashcards

Key terms Flashcards

1
Q

Strategic competitiveness

A

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

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2
Q

Strategy

A

set of commitments and actions designed to exploit core competencies and gain a competitive advantage

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3
Q

Competitive advantage

A

achieved when a firm implements a strategy that creates superior value for customers and that competitors cannot duplicate

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4
Q

Above-average returns

A

returns in excess of what an investor expects to earn from other investments with a similar level of risk

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5
Q

Resources

A

inputs into a firm’s production process

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6
Q

Capability

A

a combination of resources that perform a task

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7
Q

Core competencies

A

capabilities that serve as a source of competitive advantage

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8
Q

Vision

A

what the firm wants to be and ultimately achieve

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9
Q

Mission

A

specifies the businesses in which the firm intends to compete and the customers it intends to serve

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10
Q

Stakeholders

A

any individuals/groups that can affect the firm’s vision and mission and are affected by the firm’s strategic outcomes

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11
Q

Competitor intelligence

A

the set of data to better understand and anticipate competitors’ objectives, strategies, assumptions and capabilities

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12
Q

Complementors

A

companies that sell complementary goods or services

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13
Q

Outsourcing

A

the purchase of a value-creating activity or a support function activity from an external supplier

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14
Q

Business-level strategy

A

an integrated set of commitments and actions the firm uses to gain a competitive advantage in specific product markets (differentiate from competitors)

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15
Q

Competitors

A

firms in the same market, offering similar products, targeting similar customers

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16
Q

Competitive rivalry

A

set of actions and responses among firms

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17
Q

Competitive behaviour

A

set of actions and responses a firm takes to build its competitive advantage

18
Q

Multimarket competition

A

competing in several markets

19
Q

Competitive dynamics

A

all competitive behaviours

20
Q

Strategic action/response

A

involves a significant commitment of resources and difficult to implement and reverse

21
Q

Tactical action/response

A

to fine-tune a strategy, involves fewer resources and relatively easy to implement and reverse

22
Q

Corporate-level strategy

A

actions a firm takes to gain a competitive advantage by selecting and managing a group of different businesses competing in different product markets

23
Q

Transaction costs

A

costs associated with economic exchange

24
Q

Bounded rationality

A

utility maximizing but constrained by cognitive limits

25
Q

Opportunism

A

self-interest with guile

26
Q

Appropriability

A

determines risk of knowledge leakage

27
Q

Corporate-level core competencies

A

complex sets of resources and capabilities that link different businesses, primarily though managerial and technological knowledge, experience and expertise

28
Q

Hubris

A

overestimation of in-house skills

29
Q

Intertia and rigidity

A

LOOK THIS UP

30
Q

Multipoint competition

A

when two or more diversified firms simultaneously compete in the same markets

31
Q

Coopetition

A

competitors collaborating through e.g., alliances

32
Q

Vertical integration

A

when a company produces its own inputs (backward) or owns it own source of output distribution (forward)

33
Q

Financial economies

A

cost savings through improved allocations of financial resources

34
Q

Restructuring

A

a strategy through which a firm changes its set of businesses or its financial structure

35
Q

Corporate governance

A

the set of mechanisms used to manage the relationship among stakeholders and determine the strategic direction of organisations

36
Q

Agency costs

A

sum of costs because governance mechanisms cannot guarantee total compliance by the agent

37
Q

Ownership concentration

A

defined by the number of large-block shareholders and the total percentage of shares they hold

38
Q

Institutional owners

A

financial institutions that control large-block shareholder positions

39
Q

Board of directors

A

group of elected people whose responsibility is to act in the owners’ best interest by monitoring and controlling top level management

40
Q

Executive compensation

A

governance mechanisms that aligns the interests of managers and owners through salaries, bonuses and long-term incentives such as stock awards and options

41
Q

Market for corporate control

A

external governance mechanism that is active when a firm’s internal governance mechanisms fail

Strategy (4 decks)

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