Competitive Profile Matrix (CPM)

A widely used strategic planning analytical tool designed to identify a firm’s major competitors and its particular strengths and weaknesses in relation to a sample firm’s strategic position.

Meaningful in terms of having strategic implications; suggestive of potential strategies to capitalize on or compensate for.

Process of identifying and evaluating trends and events beyond the control of a single firm and reveals key opportunities and threats confronting an organization, so managers can better formulate strategies.

Chief information officer (CIO)

More an external manager compared with a CTO; focuses on the firm’s technical, information gathering, and social media relationship with diverse external stakeholders.

(1) Economic forces; (2) social, cultural, demographic, and natural environment forces; (3) political, governmental, and legal forces; (4) technological forces; and (5) competitive forces.

Competitive intelligence (CI)

A systematic and ethical process for gathering and analyzing information about the competition’s activities and general business trends to further a business’s own goals (SCIP website).

Another term for external audit; conducting research to gather and assimilate external information.

External Factor Evaluation Matrix (EFE)

A widely used strategic planning analytical tool designed to summarize and evaluate economic, social, cultural, demographic, environmental, political, governmental, legal, technological, and competitive information.

Digital objects that can become “you” or “anyone” or “anything” and interact with you as if you and the entity are together.

An online 3D, virtual or augmented reality (AR) world where individuals, companies, and organizations can interact and share quality time with others and spend money as avatars on products and services.

Information technology (IT)

The development, maintenance, and use of computer systems, software, and networks for the processing and distribution of data.

Porter’s Five-Forces Model

suggests that the nature of competitiveness includes five complements: rivalry among competing firms, potential entry of new competitors, potential development of substitute products, bargaining power of suppliers, and bargaining power of consumers.

Chief technology officer (CTO)

More an internal manager compared with a CIO; focuses on technical issues such as data acquisition, data processing, decision-support systems, and software and hardware acquisition.

Highly unpredictable yet profound events, such as the COVID-19 pandemic.

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BUS 450 Ch. 3

Question	Answer
Competitive Profile Matrix (CPM)	A widely used strategic planning analytical tool designed to identify a firm’s major competitors and its particular strengths and weaknesses in relation to a sample firm’s strategic position.
Actionable responses	Meaningful in terms of having strategic implications; suggestive of potential strategies to capitalize on or compensate for.
External audit	Process of identifying and evaluating trends and events beyond the control of a single firm and reveals key opportunities and threats confronting an organization, so managers can better formulate strategies.
Chief information officer (CIO)	More an external manager compared with a CTO; focuses on the firm’s technical, information gathering, and social media relationship with diverse external stakeholders.
External forces	(1) Economic forces; (2) social, cultural, demographic, and natural environment forces; (3) political, governmental, and legal forces; (4) technological forces; and (5) competitive forces.
Competitive intelligence (CI)	A systematic and ethical process for gathering and analyzing information about the competition’s activities and general business trends to further a business’s own goals (SCIP website).
Industry analysis	Another term for external audit; conducting research to gather and assimilate external information.
External Factor Evaluation Matrix (EFE)	A widely used strategic planning analytical tool designed to summarize and evaluate economic, social, cultural, demographic, environmental, political, governmental, legal, technological, and competitive information.
Avatars	Digital objects that can become “you” or “anyone” or “anything” and interact with you as if you and the entity are together.
Metaverse	An online 3D, virtual or augmented reality (AR) world where individuals, companies, and organizations can interact and share quality time with others and spend money as avatars on products and services.
Information technology (IT)	The development, maintenance, and use of computer systems, software, and networks for the processing and distribution of data.
Porter’s Five-Forces Model	suggests that the nature of competitiveness includes five complements: rivalry among competing firms, potential entry of new competitors, potential development of substitute products, bargaining power of suppliers, and bargaining power of consumers.
Chief technology officer (CTO)	More an internal manager compared with a CIO; focuses on technical issues such as data acquisition, data processing, decision-support systems, and software and hardware acquisition.
Black Swan events	Highly unpredictable yet profound events, such as the COVID-19 pandemic.

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