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Economic value
answer
The benefit derived from a good or a service by an individual or a firm
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Economic value created/creation
answer
The difference between a buyers willingness to pay for a product or service and the firms total cost to produce it
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Value appropriation
answer
The extraction of profits from value creation
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Competitive parity
answer
Two firms perform at a similar level
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Precursors of Strategies?
answer
Vision-> What do we want to accomplish?
Mission-> how do we accomplish our vision?
Value-> What principle governs our behavior in this process?
Mission-> how do we accomplish our vision?
Value-> What principle governs our behavior in this process?
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What is Strategic management?
answer
- Analysis
- Formulation
- And Implementation
- quest for competitive advantage
- Formulation
- And Implementation
- quest for competitive advantage
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What is an organization?
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- A social unit of people that is brought together to chive i specific goal
- A bundle of resources and knowledge
- A bundle of resources and knowledge
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economies of scale
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Average cost of production decreased, the more you produce
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Economies of scope
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Average cost of production decreases, the greater the variety of what you produce
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Economies of finance
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analyzes the use and distribution of resources in markets.
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What is Competitive advantage?
answer
Superior performance relative to other competitors in the same industry or the industry average
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What is strategy?
answer
Strategy is a set of goal directed actions a firm takes to gain and sustain superior
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