The Origin of Strategy in Business

<p>Through random mutation and adaptation (A)</p> Signup and view all the answers

<p>Intuitive behaviors and conditioned reflexes (D)</p> Signup and view all the answers

<p>Random chance plays a significant role (D)</p> Signup and view all the answers

<p>Evolutionary fitness (A)</p> Signup and view all the answers

<p>Imagination, logic, and understanding of competition (D)</p> Signup and view all the answers

<p>Differences between a company and its competitors (A)</p> Signup and view all the answers

<p>One-celled organisms (D)</p> Signup and view all the answers

<p>Instinctual reactions (D)</p> Signup and view all the answers

<p>It will gradually lose customers more quickly than it gains them. (B)</p> Signup and view all the answers

<p>Recognizing current conditions and resources (A)</p> Signup and view all the answers

<p>Competition for survival and resources (D)</p> Signup and view all the answers

<p>It eliminates the guesswork involved in competition. (C)</p> Signup and view all the answers

<p>It can be enlarged compared to competitors. (A)</p> Signup and view all the answers

<p>Two species can't coexist that utilize identical resources. (D)</p> Signup and view all the answers

<p>Survival and adaptation occur purely by random chance. (C)</p> Signup and view all the answers

<p>The richness of the environment's resources. (C)</p> Signup and view all the answers

<p>Darwinian natural selection based on chance. (B)</p> Signup and view all the answers

<p>They experienced competition and could not coexist. (D)</p> Signup and view all the answers

<p>He is known as the 'father of mathematical biology'. (D)</p> Signup and view all the answers

<p>Fewer species can coexist successfully. (D)</p> Signup and view all the answers

<p>Natural selection was the main driver of resource allocation before strategy. (A)</p> Signup and view all the answers

<p>To facilitate a systematic search for a competitive advantage (C)</p> Signup and view all the answers

<p>A meaningless number without defined market boundaries (D)</p> Signup and view all the answers

<p>By entering the potential competitor's market effectively (A)</p> Signup and view all the answers

<p>Keeping up with unmanaged change among competitors (A)</p> Signup and view all the answers

<p>It can develop complex and effective forms over time (B)</p> Signup and view all the answers

<p>To prevent competitors from entering the market easily (A)</p> Signup and view all the answers

<p>It takes thousands of generations for adaptation to occur (B)</p> Signup and view all the answers

<p>It can provide more value to customers while sustaining profits (B)</p> Signup and view all the answers

<p>Strategic competition can result in radical changes in a short time. (B)</p> Signup and view all the answers

<p>Population biology, zoology, genetics, and animal behavior. (B)</p> Signup and view all the answers

<p>Incremental trial and error with low-risk changes. (D)</p> Signup and view all the answers

<p>It can lead to dramatic changes in behavior and structure. (D)</p> Signup and view all the answers

<p>It preserves the existing traits within a species. (D)</p> Signup and view all the answers

<p>Humans are members of the ecological community despite being at the top. (B)</p> Signup and view all the answers

<p>A theory connecting social behavior and resource competition. (B)</p> Signup and view all the answers

<p>Natural competition involves occasional, radical shifts. (B)</p> Signup and view all the answers

<p>They simplify complex human behavior. (D)</p> Signup and view all the answers

<p>The nature of competing inhabitants. (D)</p> Signup and view all the answers

<p>A fixed and static legal system. (B)</p> Signup and view all the answers

<p>Individuals always act in their best financial interest. (B)</p> Signup and view all the answers

<p>The behavior of competitors. (C)</p> Signup and view all the answers

<p>It does not address the complexity of human interactions. (D)</p> Signup and view all the answers

<p>1859 (D)</p> Signup and view all the answers

<p>The characteristics of competitors. (D)</p> Signup and view all the answers

No two species can coexist if they occupy the same ecological niche and compete for the same resources.

Competition that occurs naturally in ecosystems, driven primarily by chance and adaptation through natural selection.

A deliberate plan to establish, maintain, and create a competitive advantage.

A feature of a company that gives it an edge over competitors in attracting and retaining customers.

The proportion of total sales in a market held by a particular company.

Clearly outlining the boundaries of a market, distinguishing it from competitors' markets.

Active and planned competition emphasizing the creation of lasting, unique advantages.

Slow, gradual changes in adaptation over long periods, like natural selection.

Rapid and dramatic changes in the competitive landscape, using strategy to create advantage quickly.

A strong, intentional allocation of resources for long-term strategic goals.

The current consumer base and the products/services currently being sold to those customers.

Creating unique features and offerings to stand out from competitors.

A stable state in a marketplace where the competitive forces and advantages of each company are relatively balanced maintaining a balance to competition.

Use of imagination and reason to accelerate the effects of competition and speed up change.

The process by which the fittest organisms survive and reproduce, passing on their advantageous traits to future generations.

No two species can coexist if they use the same resources in the same way.

The process where organisms with better traits for their environment survive and reproduce more.

Competition is natural and about adaptation. Strategy is deliberate and planned to gain an advantage.

More potential rivals and more complex ways to gain an advantage.

More opportunities for unique traits and resources to make them stand out.

Increased competition, making survival harder.

It pushes species to adapt and change over time, leading to new traits and behaviors.

By understanding the competition, businesses devise plans to gain advantages and survive.

Random events, like mutations or changes in the environment, play a significant role in determining which species or businesses thrive.

Organisms and businesses evolve their physical traits, behaviours, and strategies to survive and succeed in their competitive environment.

When one species or business outperforms another due to better adaptation or advantages, leading to the decline or elimination of the less successful.

Actions and responses deeply embedded in an organism's genetic makeup, honed through evolution as a result of competition.

The intricate web of interactions between species or businesses, each competing for resources, shaping the overall ecosystem or marketplace.

The principles of natural selection and adaptation, driving evolutionary change in organisms, are also applicable to the growth and success of businesses.

Using imagination and logic to speed up the rate of competition and innovation in a market.

Companies that are very similar to your own, posing the biggest threat to your success.

Expanding the scope of your competitive advantage to gain even more market share.

Evolutionary competition is slow, like natural selection, while revolutionary competition involves rapid, strategic changes.

Understanding your current place in the market, including your strengths and weaknesses.

Using creativity and reasoning to develop strategic plans that drive growth.

Darwin's theory of natural selection provides a powerful framework for understanding competition in business, emphasizing the importance of adaptation and survival of the fittest.

A field of study that explores the biological and evolutionary basis of social behavior, including competition.

A deliberate plan to find and develop a competitive advantage for a business that can be consistently improved over time.

The dividing line between what a company offers and what its competitors can do.

Expanding your competitive advantage into your rivals' market.

Knowing what 'market' you're competing in, not just focusing on a raw number.

Adjusting your business plans in response to changing market conditions.

Evolution: Slow changes; Revolution: Fast changes driven by strategic action.

Using creativity and reasoning to rapidly improve your competitive advantage.

Humans are a product of natural selection, but business requires faster change.

Assumes rational, self-interested individuals interacting in a fixed market system. It's based on the idea of 'perfect competition,' which doesn't exist in reality.

Emphasizes the importance of competition in the context of limited resources and the constant struggle for survival. It recognizes that competition is not just about price, but also about adaptation.

It highlights the fact that businesses need to be adaptive and innovative to survive in a constantly changing environment. Competition isn't just about price, but about offering value, creating differentiation, and evolving to respond to challenges.

It assumes everyone acts rationally and only seeks to maximize profit. It doesn't consider the complexities of human behavior, variations in resources, and the dynamic nature of markets.

Businesses need to adopt a more dynamic view of competition, focusing on adaptation, innovation, and creating a unique advantage to survive and thrive.

They provide a simplified view of competition that doesn't account for factors like innovation, adaptation, and the constant evolution of markets. This makes them unsuitable for developing real-world business strategies.

It provides a more realistic and fruitful approach to understanding competition. Instead of static equilibrium, it emphasizes dynamism, adaptability, and the constant search for competitive advantages.

Darwin highlights the importance of understanding the competition, not just the physical environment, to succeed. It's about understanding your rivals, their strengths, weaknesses, and strategies.