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UF MAN 6636 - Important Definitions

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Chapter 4 Important DefinitionsManaging RelationshipsChapter 5 Important DefinitionsChapter 6 Important DefinitionsChapter 4 Important DefinitionsBusiness-level Strategy – an integrated and coordinated set of commitments and actions the firm uses to gain a competitive advantage by exploiting core competencies in specific product marketsManaging Relationships- Reach – concerned with the firm’s access and connection to customers- Richness – concerned with the depth and detail of the two-way flow of information between the firm and the customer- Affiliation – concerned with facilitating useful interactions with customersMarket Segmentation – a process used to cluster people with similar needs into individualand identifiable groupsCost Leadership Strategy – an integrated set of actions taken to produce goods or serviceswith features that are acceptable to customers at the lowest cost, relative to that of competitorsDifferentiation Strategy – an integrated set of actions taken to produce goods or services (at an acceptable cost) that customers perceive as being different in ways that are important to themFocus Strategy – an integrated set of actions taken to produce goods or services that servethe needs of a particular competitive segmentTotal Quality Management – a managerial innovation that emphasizes an organization’s total commitment to the customer and to continuous improvements of every process through the use of data-driven, problem solving approaches based on empowerment of employee groups and teamsChapter 5 Important DefinitionsCompetitors – Firms operating in the same market, offering similar products, and targeting similar customersCompetitive Rivalry – the ongoing set of competitive actions and competitive responses occurring between competitors as they compete against each other for an advantageous market positionCompetitive Behavior – the set of competitive actions and competitive responses the firmtakes to build or defend its competitive advantages and to improve its market positionMultimarket Competition – firms competing against each other in several product or geographic marketsCompetitive Dynamics – all competitive behavior – that is, the total set of actions and responses taken by all firms competing within a marketMarket Commonality – concerned with the number of markets with which the firm and a competitor are jointly involved and the degree of importance of the individual markets to eachResource Similarity – the extent to which the firm’s tangible and intangible resources are comparable to competitor’s in terms or both type and amountCompetitive Action – a strategic or tactical action the firm takes to build or defend its competitive advantages or improve its market positionCompetitive Response – a strategic or tactical action the firm takes to counter the effects of a competitor’s competitive actionStrategic Action or a Strategic Response – a market-based move that involves a significant commitment or organizational resources and is difficult to implement and reverseTactical Action or a Tactical Response – a market-based move that is taken to fine-tune a strategy; it involves fewer resources and is relatively easy to implement and reverseFirst Mover – a firm that takes an initial competitive action in order to build or defend its competitive advantages or to improve its market positionSlack – the buffer or cushion provided by actual or obtainable resources that aren’t currently in use and as such, are in excess of the minimum resources needed to produce a given level of organizational outputSecond Mover – a firm that responds to the first mover’s competitive action, typically though imitationLate Mover – a firm that responds to a competitive action, but only after considerable time has elapsed after the first mover’s action and the second mover’s responseQuality – exists when the firm’s goods or services meet or exceed customers’ expectationsSlow-Cycle Markets – markets in which the firm’s competitive advantages are shielded from imitation for what are commonly long periods of time and where imitation is costlyFast-Cycle Markets – markets in which the firm’s competitive advantages aren’t shielded from imitation and where imitation happens quickly and perhaps somewhat inexpensivelyStandard Cycle Markets – markets in which the firm’s competitive advantages are moderately shielded from imitation and where imitation is moderately costlyChapter 6 Important DefinitionsCorporate-level Strategy – specifies actions the firm takes to gain a competitive advantage by selecting and managing a group of different businesses competing in several industries and product marketsEconomies of Scope – cost savings that the firm creates by successfully transferring someof its capabilities and competencies that were developed in one of its businesses to another of its businessesMultipoint Competition – exists when two or more diversified firms simultaneously compete in the same product areas or geographic marketsVertical Integration – exists when a company produces its own inputs (backward integration) or owns its own source of distribution of outputs (forward integration)Financial Economies – cost savings realized through improved allocations of financial resources based on investments inside or outside the firmSynergy – exists when the value created by business units working together exceeds the value those same units create working


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