ADMN 232 Study Guide - Midterm Guide: Dominant Design, Cost Leadership, Occupational Safety And Health
Document Summary
Explain the components of sustainable competitive advantage and why it is important: components of a sustainable competitive advantage are valuable resources, rare resources, imperfectly imitable resources and non-substitutional resources. Grand strategies guide the strategic alternatives that managers of individual businesses or subunits may use: growth strategy, stability strategy, retrenchment strategy. Explain the components and kinds of firm-level strategies: direct competition, strategic moves of direct competition, entrepreneurship. Technology cycles typically follow an s-curve pattern of innovation. Early in the cycle, technology progress is slow and improvements in technological performance are small. Finally, small improvements occur as the limits of a technology are reached. At this point, significant improvements in performance must come from new technologies. The best way to protect s competitive advantage is to create a steam of innovative ideas and products. Innovation streams begin with technological discontinuities that create significant breakthroughs in performance of function.