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MGT 460 Midterm

Chapter 5

TermDefinition
Competitive Rivalry the ongoing set of competitive actions and competitive responses that occur among firms as they maneuver for an advantageous market position
Competitive Behavior the set of competitive actions and responses a given firm takes to build or defend its competitive advantages and to improve its market position
Multi-market Competition firms competing against each other in several product or geographic markets
Competitive Dynamics all competitive behaviors - that is, the total set of actions and responses taken by all firms competing in a market
Competitive Blindspots lacking information needed to predict a competitors actions and responses. Being unaware of their objectives, strategies, assumptions, and capabilities.
Market 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 each. The greater multi market contact, the less likely to initiate an attack
Resource Similarity the extent to which the firm's tangible and intangible resources are comparable to a competitor's in terms of both type and amount. They are likely to have similar strengths and weakness as well as similar opportunities and strategies.
Drivers of competitive behavior 1. Awareness: extent competitors recognize the degree of their mutual interdependence that results from market commonality & resource similarity 2. Motivation:firms incentive to respond to competitors attack 3. Ability:resources and flexibility provided
Competitive Action a strategic or tactical action the firm takes to build or defend its competitive advantages or improve its market position
Competitive Response a strategic or tactical actions the firm takes to counter the effects of a competitor's competitive action
Strategic Action/Response a market-based move that involves a significant commitment of organization resources and is difficult to implement and revers.
Quality exists when the firms goods or services meet or exceed customers' expectations
Actor the firm taking an action or a response
Reputation the positive or negative attribute ascribed by one rival to another based on past competitive behavior
Market Dependence the extend to which a firm's revenues or profits are derived from a particular market. Generally respond strongly to attacks threatening their market position
Slow Cycle Market the firm's competitive advantages are shielded from imitation, commonly for long periods of time, and where imitation is costly.
Fast-Cycle Market firm’s capabilities that contribute to competitive advantages aren’t shielded from imitation and imitation is often rapid and inexpensive.
Standard-Cycle Market arkets in which the firms competitive advantages are partially shielded from imitation and imitation is moderately costly.
Created by: jennshaw92
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