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Summary: Strategic Management And Competitive Advantage Concepts And Cases, Global Edition | 9781292258041 | JAY B HESTERLY BARNEY (WILLIAM S ), et al
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Read the summary and the most important questions on Strategic Management and Competitive Advantage Concepts and Cases, Global Edition | 9781292258041 | JAY B.. HESTERLY BARNEY (WILLIAM S.); William S. Hesterly
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1 What is strategy and the strategic management process?
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1.1 strategy and the strategic management process
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What are companies called whose mission is improving their firm performance?
Visionary firms -
1.2 what is competitive advantage?
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What is temporary competitive advantage?
A competitive advantage that lasts for a very short time -
What is a competitive disadvantage?
Firms that generate less economic value than their rivals -
1.3 measuring competitive advantage
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What are accounting ratios?
Numbers taken from a firm's financial statements, manipulating them in ways that describe various aspects of a firm's performance. -
What are the economic measures of competitive advantage?
It compares a firm's level of return to it's cost of capital instead of to the average level of return in the industry. -
What is residual claimants view?
That equity holders only recieve payment on their investment in a firm after all legitimate claims by a firm's other stakeholders are satisfied -
2 evaluating a firm's external environment
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2.1 understanding a firm's general environment
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What are the 6 elemenst of the general environment?
- Technological change
- demogrphic trends
- cultural trends
- economic climate
- legal and political conditions
- specific international events
- Technological change
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What do we call the alternating pattern of prosperity followed by recession, followed by properity?
The business cycle -
What are the legal and political conditions?
The laws and the legal system's impact on business, together with the general nature of the relationship between government and business -
What is the specific international events?
Events such as civil wars, political coups, terrorism, wars, famines, and country or regional recessions
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