Competitive Advantage and Strategies
A(n) ___________ describes how a business will compete in its primary market.
competitive strategy
An organization that initially brings a product innovation to the market is known as the __________.
first mover
______ are positive trends in the external environment.
Opportunities
Top level managers are responsible for ___________ strategies.
corporate
A _______ describes the rationale of how a company is going to make money.
business model
In an organization, the single independent businesses which formulate their own competitive strategies are known as _________.
strategic business units (SBUs)
A cost leadership strategy requires a firm to maintain the ______ cost structure.
lowest
The combined external and internal analyses are called ___________.
SWOT analysis
Lower-level managers are responsible for _________ strategies.
functional
Managers perform an external analysis so that they know about what the ____________ is doing.
competition
A company that competes by offering unique products that are widely valued by customers is following a ________ strategy.
In the Boston Consulting Group (BCG) matrix, a business unit that has a low anticipated growth rate, but a high market share is known as a _________.
cash cow
The major value-creating capabilities of the organization are known as its ___________.
core competencies
A(n) __________ strategy determines what businesses a company is in or wants to be in, and what it wants to do with those businesses.
corporate
In ________ integration, a company grows by combining with competitors.
horizontal
The ___________ strategy involves a cost advantage or a differentiation advantage in a narrow segment.
focus
Functional-level strategy directly supports the _________ strategy.
competitive
An organization's financial, physical, human, and intangible assets are known as its _________.
resources
A(n) __________ strategy is when an organization expands the number of markets served or the products offered.
growth
A study of the external environment allows a manager to understand the opportunities and ________ for the organization.
threats
A firm that is "________________" cannot develop a cost or differentiation advantage.
stuck in the middle
In the Boston Consulting Group (BCG) matrix, a _________ enjoys a high anticipated growth rate and a high market share.
star
The final step in the strategic management process allows an organization to understand the _______________ of the strategies used.
effectiveness
An organization that grows using ______ focuses on its primary line of business and increases the number of products offered or markets served in this primary business.
concentration
The three types of corporate strategies are growth, stability, and ________.
renewal