Term
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Definition
| A superiority gained by an organization when it can providethe same value as its competitors but at a lower price, or can charge higher prices by providing greater value throughdifferentiation. Competitive advantage results from matching core competencies to the opportunities. |
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Term
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Definition
| A unique ability that a company acquires from its foundersor develops and that cannot be easily imitated. Core competencies are what give a company one or more competitive advantages, in creating and delivering value to its customers in its chosen field. Also called core capabilitiesor distinctive competencies. See also core rigidities. |
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Term
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Definition
measured by a product's ;performance characteristics and by its attributes for which customers are willing to pay. In business, its by bundling and leveraging customers their resrouces to form capabilites and core competencies. FIrms with competitve advantage create more valjue for customers than do the competitors. Walmart everday low price slogan |
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Term
| Sources of Competitive Advantages |
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Definition
| In combo with product market positions are the firm's most important sources of competitive advantages. Core Comp, integrated with understanding the results for studying the conditions in the external environment, should drive a selection of strategies. |
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Term
| The foundation of competitive advantage are: |
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Definition
| Resources, capabilities, and core competencies. In turn, capabilities are the source of a firm;'s core competencies, the basis of extablishing competitive advantages. |
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Term
RESOURCES
broad in scope, resources cover a spectrum of individual, social, and or phenomena. By themselves do they create value for customers as the foundation of above average returns? |
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Definition
| No, by themseleves they do not create value. Resources are combined to form capabilities. |
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