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Which of the following is required for a firm to achieve strategic competitiveness and earn above average returns from its core competencies?

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Glossary
Chapter 1
Above-average returns Above-average returns are returns in excess of what an investor expects to earn from other investments with a similar amount of risk.
Average returns Average returns are returns equal to those an investor expects to earn from other investments with a similar amount of risk.
Capability A capability is the capacity for a set of resources to perform a task or an activity in an integrative manner.
Competitive advantage A firm has a competitive advantage when it implements a strategy competitors are unable to duplicate or find too costly to try to imitate.
Core competencies Core competencies are capabilities that serve as a source of competitive advantage for a firm over its rivals.
Disruptive technologies Disruptive technologies can destroy the value of an existing technology and create new markets.
Global economy A global economy is one in which goods, services, people, skills and ideas move freely across geographic borders.
Globalization Globalization is the increasing economic interdependence among countries and their organizations as reflected in the flow of goods and services, financial capital and knowledge across country borders.
Knowledge Knowledge (information, intelligence, and expertise) is gained through experience, observation and inference.
Mission A mission specifies the business or businesses in which the firm intends to compete and the customers it intends to serve.
Organizational culture Organizational culture refers to the complex set of ideologies, symbols and core values that are shared throughout the firm and that influence how the firm conducts business.
Perpetual innovation Perpetual innovation describes how rapidly and consistently new information-intensive technologies replace older ones.
Profit pool A profit pool entails the total profits earned in an industry at all points along the value chain.
Resources Resources are inputs into a firm’s production process, such as capital equipment, the skills of individual employees, patents, finances, and talented managers.
Risk Risk is an investor’s uncertainty about the economic gains or losses that will result from a particular investment.
Stakeholders Stakeholders are the individuals and groups who can affect the firm’s vision and mission, are affected by the strategic outcomes the firm achieves through its operations, and who have enforceable claims on the firm’s performance.
Strategic competitiveness Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy.
Strategic flexibility Strategic flexibility is a set of capabilities used to respond to various demands and opportunities existing in a dynamic and uncertain competitive environment.
Strategic leaders Strategic leaders are people located in different parts of the firm using the strategic management process to help the firm reach its vision and mission.
Strategic management process The strategic management process is the full set of commitments, decisions and actions required for a firm to achieve strategic competitiveness and earn above-average returns.
Strategy A strategy is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage.
Technology diffusion Technology diffusion is the rate at which new technologies become available and are used.
Vision Vision is a picture of what the firm wants to be and, in broad terms, what it wants to ultimately achieve.
Which of the following is required for a firm to achieve strategic competitiveness and earn above average returns from its core competencies?

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Management MCQ Strategic Management Chapter 2 Which of the following is NOT required for a firm to achieve strategic competitiveness and earn above-average returns from its core competencies?

Which of the following is NOT required for a firm to achieve strategic competitiveness and earn above-average returns from its core competencies?

Which of the following is NOT required for a firm to achieve strategic competitiveness and earn above-average returns from its core competencies?

a. Core competencies must be acquired.

b. Core competencies must be bundled.

c. Core competencies must be internationalized.

d. Core competencies must be leveraged.

Answer: Core competencies must be internationalized.

Learn More :

How do firms achieve strategic competitiveness?

Strategic competitiveness is accomplished when a firm successfully integrates a value-creating strategy. The key to having a complete value-creating strategy is to adopt a holistic approach that includes business strategy, financial strategy, technology strategy, marketing strategy and investor strategy.

What are the three 3 strategies for competitive advantage?

According to Porter's Generic Strategies model, there are three basic strategic options available to organizations for gaining competitive advantage. These are: Cost Leadership, Differentiation and Focus.

What are the 5 competitive advantage strategies?

Here are five types of competitive strategy and an example for each:.
Cost leadership. ... .
Product differentiation. ... .
Customer relationship management (CRM) ... .
Cost focus. ... .
Commitment to customers strategy..

When a company successfully formulates and implements a value

Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. A firm has a competitive advantage when it implements a strategy competitors are unable to duplicate or find too costly to try to imitate.

required firm achieve strategic competitiveness earn average returns core competencies

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