Chapter 2
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| The Mission Statement | “Who we are, what we do, and why we are here”, Focuses on describing the company’s business, not on “making a profit” | |
| Competence | An activity that a firm has learned to perform with proficiency—a capability | |
| Core Competence | A proficiently performed internal activity that is central to a firm’s strategy and competitiveness | |
| Distinctive Competence | A competitively valuable activity that a firm performs better than its rivals | |
| Seven Forces of Macro-Environment | Demographics, Social Forces, Legal/Regulatory Factors, Natural Environment, Technological Factors, Global Forces, General Economic Conditions | |
| Five Competitive Forces | Competitor's Pressure, Threat of New Entrants, Threat of Substitution, Supplier Bargaining Power, Customer Bargaining Power | |
| Multidomestic Competition | Exists when competition in each country market is localized and not closely connected to competition in other country markets. | |
| Global Competition | Exists when competitive conditions and prices are strongly linked across many different national markets. | |
| Five Strategies for Competing in International Markets | Export, License Foreign Firms, Franchise, Greenfield Venture, Strategic Alliances/Joint Venture | |
| Multidomestic Strategy | Varies product offerings and competitive approaches from country to country. | |
| Global Strategy | Employs the same basic competitive approach in all countries where the firm operates. | |
| Transnational Strategy | Is a think-global, act-local approach that incorporates elements of both multidomestic and global strategies. | |
| Profit Sanctuaries | Are country markets (or geographic regions) in which a firm derives substantial profits because of its protected market position or its competitive advantage. | |
| Cross-Market Subsidization | Is the diversion of resources and profits from one market to support competitive offensives in another different market. | |
| Dumping | Selling goods in foreign markets at prices that are either below normal home market prices or below the full costs per unit. | |
| Competitive Intelligence | Information about competitors to forecast future competition moves | |
| Strategic Alliance | Is a formal agreement between two or more separate firms in which they agree to work cooperatively toward common objectives | |
| Joint Venture | Is a type of strategic alliance in which the partners set up an independent corporate entity that they own and control jointly, sharing in its revenues and expenses |
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