Strategic Management and Strategic Competitiveness

These flashcards cover various key concepts in strategic management, including definitions of strategies, models of competitive advantage, and the strategic management process.

What is Strategy?

Strategy is the allocation of resources to achieve common goals, involving an integrated and coordinated set of actions designed to exploit core competencies.

Competitive Advantage

The ability of a firm to create superior value for its customers compared to its competitors.

I/O Model

A perspective for above-average returns that emphasizes studying the external environment and industry.

Resource-Based Model

A perspective that focuses on a firm's internal resources and capabilities to achieve above-average returns.

Stakeholder Model

A model highlighting the importance of stakeholders in a firm's value creation process and strategic planning.

Assets and Skills

The resources and capabilities required to implement a chosen strategy.

Strategy Implementation

The selection of strategic actions linked with effective implementation of the chosen strategy.

Superior Returns

The earning of above-average returns that exceed the industry average.

Reciprocity in Stakeholder Relationships

The mutual engagement and loyalty between stakeholders and the firm that helps achieve objectives.

Mission Objectives in Strategic Management

The goals that guide the strategic management process, including external and internal analysis.