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23 Terms
1
Strategy
A comprehensive, goal-oriented plan a firm takes to gain and sustain superior performances relative to competitors.
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2
Comparative Advantage
The ability of a firm to produce a good or service at a lower opportunity cost than its competitors.
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3
Corporate Strategy
Determines where to compete in terms of markets and business sectors.
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4
Business Strategy
Focuses on how to compete within a specific industry or market.
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5
Functional Strategy
Actions taken to achieve business and corporate strategy.
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6
AFI Framework
A tool used in strategic management that includes Analysis, Formulation, and Implementation.
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7
Intended Strategy
A top-down approach to strategy planning based on managerial foresight.
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8
Realized Strategy
The actual strategy that a firm follows, which may differ from the intended strategy due to various factors.
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9
PESTEL Method
A strategic tool to analyze external factors: Political, Economic, Social, Technological, Environmental, and Legal.
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10
Porter’s 5 Forces Framework
A model that identifies five competitive forces that shape industry competition: threat of new entrants, bargaining power of suppliers, bargaining power of buyers, threat of substitutes, and industry rivalry.
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11
Industry Analysis
A rigorous evaluation of an industry's profit potential and the competitive landscape.
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12
Competitive Industry Structure
The composition and characteristics of firms in an industry, including the number of competitors and their market share.
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13
Core Competencies
Unique capabilities that provide a competitive advantage.
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14
VRIO Framework
A tool to evaluate a firm's resources and capabilities for their potential to create competitive advantage.
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15
Economies of Scale
Cost advantages gained by an increased level of production.
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16
Cost Leadership Strategy
A competitive strategy aimed at being the lowest-cost producer in an industry.
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17
Blue Ocean Strategy
A strategic approach focusing on creating new market spaces instead of competing in existing markets.
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18
Intellectual Property
Legal rights that protect creations of the mind, such as inventions, designs, and brand names.
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19
Non-Compete Agreements
Contracts preventing employees from entering into competition with their employer after employment ends.
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20
Provisional Patent Application
An initial application to secure a filing date for an invention before filing a formal patent.
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21
Network Effects
Increases in a product or service's value as more users adopt it.
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22
Shakeout
A phase in an industry’s life cycle characterized by increased competition leading to the elimination of weaker firms.
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23
Complement,
A product or service that enhances the value of a related product or service.
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