Competitive Rivalry and Dynamics in Strategic Management

Competitors

Firms in the same market offering similar products.

Competitive Rivalry

Ongoing actions and responses among competing firms.

Competitive Behavior

Actions taken to build or defend competitive advantages.

Competitive Dynamics

Total actions and responses by all market firms.

Multimarket Competition

Firms competing in multiple product or geographic markets.

Competitor Analysis

Technique to predict competitors' actions and responses.

Market Commonality

Number of markets shared by competing firms.

Resource Similarity

Comparison of firms' resources in type and amount.

Awareness

Recognition of mutual interdependence among competitors.

Motivation

Incentive to act or respond to competitors.

Ability

Quality of resources available to respond competitively.

Competitive Actions

Strategic or tactical moves to improve market position.

Competitive Responses

Actions taken to counter competitor's competitive actions.

Strategic Actions

Significant resource commitments, hard to reverse.

Tactical Actions

Minor adjustments to strategies, easier to reverse.

First-Mover

Firm initiating competitive action to gain advantage.

First-Mover Benefits

Advantages gained from being the initial competitor.

Organizational Slack

Excess resources available beyond minimum requirements.

Second Mover

Firm responding to first mover, typically through imitation.

Competitive Blind Spots

Unawareness of competitors' objectives and strategies.

Drivers of Competitive Behavior

Factors influencing firms' competitive actions and responses.

Financial Returns

Level of profit generated from competitive strategies.

Slow-Cycle Markets

Markets with slow innovation and competitive changes.

Fast-Cycle Markets

Markets characterized by rapid innovation and competition.

Standard-Cycle Markets

Markets with moderate innovation and competitive dynamics.

Competitive Action Sequence

Pattern of actions and responses affecting firms.

Resource Dissimilarity

Differences in resource quality affecting competitive actions.

First Mover Benefits

Advantages gained by being the initial market entrant.

Late Mover

Responds significantly after first and second movers.

Organizational Size

Influences competitive action types and timing.

Small Firms

Quickly launch competitive actions with flexibility.

Large Firms

Possess slack resources for numerous strategic actions.

Quality

Products meet or exceed customer expectations.

Quality Dimensions

Criteria customers use to assess product quality.

Likelihood of Response

Factors influencing a firm's reaction to competitors.

Type of Competitive Action

Tactical responses outnumber strategic responses.

Actor's Reputation

Perceived behavior influences competitor responses.

Market Dependence

Revenue reliance on a specific market segment.

Competitive Advantage

Unique attributes allowing superior market performance.

Temporary Competitive Advantages

Short-lived benefits firms seek to exploit quickly.

Market Position

Firm's standing relative to competitors in the market.

Strategic Responses

Resource-intensive actions that are hard to reverse.

Tactical Responses

Quick actions taken to counter competitive moves.

Incremental Innovations

Small improvements to existing products or services.

Radical Innovations

Significant breakthroughs that change market dynamics.

Core Competencies

Unique strengths that provide competitive advantages.

Customer Loyalty

Consumers' commitment to repurchase a brand.

Scale Economies

Cost advantages gained from high production volumes.