What are the basic elements of strategic competition? Are there any prerequisites to pursuing strategic competition?
What will be an ideal response?
The basic elements of strategic competition are:
• the ability to understand competitive interaction as a complete dynamic system that includes the interaction of competitors, customers, money, people, and resources
• the ability to use this understanding to predict the consequences of a given intervention in that system and how that intervention will result in new patterns of stable dynamic equilibrium
• the availability of uncommitted resources that can be dedicated to different uses and purposes in the present, even though the dedication is permanent and the benefits will be deferred
• the ability to predict the risk and return with sufficient accuracy and confidence to justify the commitment of such resources
• the willingness to deliberately act to make the commitmentStrategic competition requires:
• an adequate amount of information surrounding the situation
• the development of a framework to understand the dynamic interactive system
• the postponement of current consumption to provide investment capital
• the commitment to invest major resources to an irreversible outcome
• the ability to predict the output consequences, even with incomplete knowledge of inputs
You might also like to view...
A franchise organization is a type of contractual VMS
Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
1. Conflict in an organization is always bad. 2. Disagreement over facts need not last long, as they are verifiable. 3. Functional conflict hurts an organization’s performance. 4. It is easy to profile the type of employee who may commit workplace violence. 5. The dominating conflict style is the best in all situations.
Predetermined overhead rates are necessary because cost accountants use periodic inventory systems.
Answer the following statement true (T) or false (F)
Because other countries have applied principles of assumption of risk, the U.S. is the only country where the tobacco industry faces legal problems
a. True b. False Indicate whether the statement is true or false