Chapter 1
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| Competitive Advantage | Meeting customer needs more effectively, with products or services that customers value more highly, or more efficiently, at lower cost. | |
| Sustainable Competitive Advantage | Giving buyers lasting reasons to prefer a firm’s products or services over those of its competitors. | |
| Four Strategic Choices | Low-cost provider, Differentiation on features, Focus on market niche, Best-cost provider | |
| Cost leadership | Efficiency | |
| Differentiation | Effectiveness | |
| Niche focus | efficiency and\or effectiveness | |
| best-cost provider | Optimum price in differentiation | |
| Business Model | How the business will make money By by providing customers with value | |
| Winner Strategy Tests | The Strategic Fit Test, The Competitive Advantage Test, The Performance Test | |
| The Fit Test | Is there dynamic fit with the external business environment and internal firm’s capabilities? | |
| The Competitive Advantage Test | Will the firm achieve a significant and sustainable competitive advantage using that strategy? | |
| The Performance Test | Will the firm demonstrate sound business and financial performance? | |
| Strategy | Following one of the four strategic choices. |
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