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Global Business > Tutorial 8 > Flashcards

Tutorial 8 Flashcards

1
Q

Chapter 13

competitive dynamics

A

The actions and responses undertaken by competing firms.

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2
Q

Chapter 13

perfect competition

A

A market with many small buyers and sellers.

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3
Q

Chapter 13

monopoly

A

A market with only one seller.

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4
Q

Chapter 13

monopsony

A

A market with only one buyer.

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5
Q

Chapter 13

oligopoly

A

A market structure with only a handful of competing firms.

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6
Q

Chapter 13

co-opetition

A

Simultaneous rivalry and cooperation between two firms.

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7
Q

Chapter 13

attack

A

An initial set of actions to gain competitive advantage.

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8
Q

Chapter 13

counterattack

A

A set of actions in response to an attack.

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9
Q

Chapter 13

AMC framework

A

A conceptual framework of awareness, motivation, capability indicating when firms are likely to attack and counterattack each other.

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10
Q

Chapter 13

competitor intelligence

A

The process of analyzing rival’s resources and strategies to be able to predict their future actions.

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11
Q

Chapter 13

collusion

A

Collective attempts between competing firms to reduce competition.

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12
Q

Chapter 13

explicit collusion

A

Firms directly negotiate output, fix pricing or division of markets.

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13
Q

Chapter 13

cartel

A

An entity that engages in output- or price- fixing, involving multiple competitors.

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14
Q

Chapter 13

tacit collusion

A

Firms indirectly coordinate actions by signalling their intention to reduce output or maintain pricing above competitive levels.

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15
Q

Chapter 13

prisoners dilemma

A

In game theory, a type
of game in which the outcome depends on two parties deciding whether to cooperate or to defect.

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16
Q

Chapter 13

game theory

A

A theory on how agents interact strategically to win.

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17
Q

Chapter 13

tit for tat

A

A strategy of matching the competitors’ move being either aggressive or accommodative.

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18
Q

Chapter 13

concentration ratio

A

The percentage of total industry sales accounted for by the top 4, 8 or 20 firms.

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19
Q

Chapter 13

price leader

A

A firm that has a dominant market share and sets ‘acceptable’ prices and margins in the industry.

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20
Q

Chapter 13

barries to entry

A

Costs or other obstacles that prevent new competitors from easily entering an industry or market segment.

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21
Q

Chaoter 13

cross market retaliation

A

The ability of a firm to expand in a competitor’s market if the competitor attacks in its original market.

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22
Q

Chapter 13

market commonality

A

The overlap between two rivals’ markets.

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23
Q

Chapter 13

mutual forbearance

A

Behaviour of rivals respecting each other’s spheres of influence in certain markets, leading to tacit collusion.

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24
Q

Chapter 13

signaling

A

Firms sending each other indirect messages about their intentions.

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25
Q

Chapter 13

anti trust policy

A

US term for competition policy.

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26
Q

Chapter 13

collusive price setting

A

Price setting colluding firms at a higher than competitive level.

27
Q

Chapter 13

leniency programmes

A

Programmes that give immunity to members of a cartel that first report the cartel to the authorities.

28
Q

Chapter 13

market division collusion

A

A collusion to divide markets among competitors.

29
Q

Chapter 13

anti competitive practices

A

Business practices by
a dominating firm that make it more difficult for competitors to enter or survive.

30
Q

Chapter 13

predatory pricing

A

An attempt to dominate a market by setting prices below cost and intending to raise prices to cover losses in the long run after eliminating rivals.

31
Q

Chapter 13

dumping

A

An exporter selling below cost abroad and planning to raise prices after eliminating local rivals.

32
Q

Chapter 13

patent race

A

A competition of R&D units where the first one to patent a new technology gets to dominate a market.

33
Q

Chapter 13

survival strategies

A

A strategy designed to ensure survival by ensuring liquidity and positive cash flow.

34
Q

Chapter 13

economic forecasting

A

A technique using econometric models to predict the likely future value of key economic variables.

35
Q

Chapter 13

scenario planning

A

A technique generating multiple scenarios of possible future states of the industry.

36
Q

Chapter 13

contingency planning

A

Plans devised for specific situations when things could go wrong.

37
Q

Chapter 13

blue ocean strategy

A

A strategy of attack that avoids direct confrontation with incumbents.

38
Q

Chapter 13

defender strategy

A

This strategy centres on leveraging local assets in areas in which MNEs are weak.

39
Q

Chapter 13

extender strategy

A

This strategy centres on leveraging home-grown competencies abroad.

40
Q

Chapter 14

global strategies

A

Strategies utilizing resources and operations spread across the world.

41
Q

Chapter 14

economies of scale

A

Reduction in unit costs achieved by increasing volume.

42
Q

Chapter 14

arbitrage

A

Exploitation of differences in prices in different markets.

43
Q

Chapter 14

overseas listing

A

Raising capital by listing on a stock exchange abroad.

44
Q

Chapter 14

centres of excellence

A

Specialized centres for innovation that serve the entire MNE.

45
Q

Chapter 14

global key accounts

A

Customers served at multiple sites around the world, based on a centrally negotiated contract.

46
Q

Chapter 14

risk diversification

A

Reduction of the risk profile of a company by investing in different countries and industries.

47
Q

Chapter 14

organic growth

A

Setting up new operations by relying primarily on the existing resources of the firm.

48
Q

Chapter 14

partnerships

A

Collaborations with
other firms offering complementary resources.

49
Q

Chapter 14

operational collaboration

A

A form of strategic alliance that includes collaboration in operations, marketing or distribution.

50
Q

Chapter 14

cross border M&As

A

M&As involving companies based in different countries.

51
Q

Chapter 14

carve-out acquisition

A

Acquisitions of parts of another company that previously were not clearly defined organizational units.

52
Q

Chapter 14

synergies

A

Value created by combining two organizations that together are more valuable than the two organizations separately.

53
Q

Chapter 14

hubris

A

A manager’s overconfidence in their capabilities.

54
Q

Chapter 14

strategic fit

A

The effective matching of complementary strategic capabilities.

55
Q

Chapter 14

organizational fit

A

The similarity in cultures, systems and structures.

56
Q

Chapter 14

post-acquisition integration

A

The process that aims
to integrate two formerly independent firms after an acquisition.

57
Q

Chapter 14

input foreclosure

A

Practice of a vertically integrated firm to cut off a competitor from key suppliers.

58
Q

Chapter 14

output foreclosure

A

Practice of a vertically integrated firm to cut off a competitor from key customers.

59
Q

Chapter 14

acquisition premium

A

The difference between the acquisition price and the market value of target firms.

60
Q

Chapter 14

divestments

A

Sales or closures of business units or assets.

61
Q

Chapter 14

globalfocusing

A

A strategic shift from diversification to specialization which increases the international profile.

62
Q

Chapter 14

static efficiency

A

Benefit to consumer without considering technological change or new entries.

63
Q

Chapter 14

dynamic efficiency

A

Benefits created in the long run considering technological change and new entries.

Global Business (8 decks)

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