a reluctance to change strategies that have been successful in the past
What is competitive inertia
100
a measure of the degree to which barriers to entry make it easy or difficult for new companies to get started in an industry
What is the threat of new entrants
100
a measure of the ease with which customers can find other products in place of those from a particular industry, to fulfill a customer's needs
What is the threat of substitute products
100
a measure of the influence that customers have on a firm's prices
What is the bargaining power of buyers
200
SMART
What is specific, measurable, attainable, realistic, timely
200
a measure of the intensity of competitive behavior between companies in an industry
What is character of the rivalry
200
a resource that is not controlled or possessed by many competing firms
What is a rare resource
200
producing a specialized or limited product or service, target to a specific group of customers
What is a focus strategy
200
a barrier to good decision making caused by pressure within the group for members to agree with each other
What is groupthink
300
choosing a "good enough solution"
What is satisficing
300
SWOT
What are strengths, weaknesses, opportunities, threats
300
the central companies in a strategic group
What are core firms
300
When examining strengths and weaknesses, study this environment
What is an organization's internal environment
300
choosing a goal and developing a method or strategy to achieve the goal
What is planning
400
a decision-making method in which an individual or a subgroup is assigned the role of critic
What is devil's advocacy
400
providing a product or service that is sufficiently different from competitor's offerings in order to charge a premium price for it.
What is differentiation
400
The strategy which uses the four actions framework (reduce, raise, create, eliminate)
What is the blue ocean strategy
400
assets, capabilities, and processes an organization uses to improve its effectiveness and efficiency
What are resources
400
decision-making process restricted in the real world by limited resources, such as time, money, and imperfect information
What is bounded rationality
500
false sense of certainty, detachment of planners, impedes change and adaptation
What are pitfalls of planning
500
a competitve move designed to reduce a rival's market share or profits
What is an attack
500
a competitive countermove, prompted by a rival's attack, to defend or improve a company's market share or profit
What is a response
500
the process of entering new or established markets with new goods or services
What is Entrepreneurship
500
producing a product or service of acceptable quality at consistently lower costs than the competition, in order to offer the product or service at a lower price to the consumer