barrier to imitation | Factors that make it difficult for a firm to imitate the competitive position of a rival.
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broad market strategy | Serving the entire market.
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business-level strategy | Strategy concerned with deciding how a firm should compete in the industries in which it has elected to participate.
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competitive advantage | Advantage obtained when a firm outperforms its rivals.
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competitive tactics | Actions that managers take to try to outmaneuver rivals in the market.
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corporate-level strategy | Strategy concerned with deciding which industries a firm should compete in and how the firm should enter or exit industries.
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differentiation strategy | Increasing the value of a product offering in the eyes of consumers.
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distinctive competency | A unique strength that rivals lack.
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diversification | Entry into new business areas.
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economies of scale | Cost advantages derived from a large volume of sales or production.
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economies of scope | Cost reductions associated with sharing resources across businesses.
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focus strategy | Serving a limited number of segments.
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internal governance skills | The ability of senior managers to elicit high levels of performance from the constituent businesses of a diversified enterprise.
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legacy constraints | Prior investments in a particular way of doing business that are difficult to change and limit a firm's ability to imitate a successful rival.
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low-cost strategy | Focusing managerial energy and attention on doing everything possible to lower the costs of the organization.
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primary activities | Activities having to do with the design, creation, and delivery of the product; its marketing; and its support and after sales service.
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related diversification | Diversification into a business related to the existing business activities of an enterprise by distinct similarities in one or more activities in the value chain.
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strategy | An action that managers take to attain the goals of an organization.
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support activities | Activities that provide inputs that allow the primary activities to occur.
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sustainable competitive advantage | A distinctive competency that rivals cannot easily match or imitate.
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unrelated diversification | Diversification into a business not related to the existing business activities of an enterprise by distinct similarities in one or more activities in the value chain.
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value innovation | Using innovation to offer more value at a lower cost than competitors.
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vertical integration | Moving upstream into businesses that supply inputs to a firm's core business or downstream into businesses that use the outputs of the firm's core business.
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