MGT 3830 Study Guide - Midterm Guide: Toyota Electronic Modulated Suspension, Coopetition, Economic Surplus
Document Summary
Competitive advantage is when a firm formulates and implements a strategy that leads to superior performance relative to other competitors in the same industry or the industry average. Sustainable competitive adv is when a firm is able to outperform its competitors or the industry average over a prolonged period of time. Strategy is the goal directed actions a firm intends to take in its quest to gain and sustain competitive adv. Strategic positioning is staking out a unique position in an industry that allows the firm to provide value to customers, while controlling costs (done by management). Co-opetition is cooperation by competitors to achieve a strategic objective. Strategic management is an integrative management field that combines analysis, formulation, and implementation in the quest for comp. adv: the size of effects from firm and industry effects on firm performance. Managers" actions tend to be more important in determining firm performance than the forces exerted upon the firm by its external environment.
