Principles of Management Ch 6

providing greater value for customers than competitors can

when other companies cannot duplicate the value a firm is providing to customers

Valuable, Rare, Imperfectly imitable, Nonsubstitutable

something that a company can make, do, or perform better than competitors

Tend to be less visible, internal decision-making routines, problem-solving processes, and organizational cultures that determine how effici

group of companies within an industry that top managers choose to compare, evaluate, and benchmark strategic threats and opportunities

Aims to protect an existing competitive advantage

Create or extend a sustainable competitive advantage

Targets managers use to measure whether the firm has developed the core competencies to achieve a sustainable competitive advantage

a measure of the intensity of competitive behavior between companies in an industry

a measure of the degree to which barriers to entry make it easy or difficult for new companies to get started in an industry.

a measure of the influence that suppliers of parts, materials, and services to firms in an industry have on the prices of these inputs

A limited range of products/services, a well-defined set of customers, see moderate and steady growth

Pursue new market opportunities, bring new products, take risks, see fast growth