Tradeoff and Fit in Decision-Making and Strategy

______ are the things owned by the firm that, together with their capabilities, can form a competitive advantage.

______ involves overseeing and leveraging technological advancements and innovation within an organization to drive growth and competitive advantage.

______ refers to the firm's capacity to deploy resources for a desired result.

______ resources are easily identified and valued, typically concerning financial and physical resources.

______ resources, such as technologies and culture, are often more valuable than tangible resources.

______ resources deal with employees' expertise and effort, making them key players of the firm.

ANECO has a huge bargaining power since they are the only one supplying ______

Firm behavior can be explained by the resources and capabilities that a firm is in control of, according to the concept of ______

Strategy deals with matching a firm’s resources and capabilities to the opportunities and threats that arise in the ______ environment

In understanding the firm, the questions to ask include: What is our business? Who are our customers? Which of their needs are we seeking to ______?

The differences in the behavior and performance of the firm can be explained by the resources and capabilities that the firm ______ and controls

ANECO ensures their products are of the highest quality at all times to maintain their unique ______

A tradeoff involves weighing the advantages and disadvantages of different options and making a decision based on the perceived value of each alternative. It refers to the exchange or sacrifice of one thing for the benefit of another. This concept is central to decision-making and __________.

Fit in the context of business strategy formulation involves ensuring that different aspects of the organization, such as its activities, resources, capabilities, and external environment, complement and reinforce each other to support the overall strategic _________.

Michael Porter described a category scheme consisting of three general types of strategies commonly used by businesses to achieve and maintain a competitive advantage. These three strategies are defined along two dimensions: strategic scope and strategic _________.

Strategic scope is a demand-side dimension that focuses on the size and composition of the market the business intends to target. It involves decisions regarding the breadth or focus of the target market and the segments within it. Factors considered include the variety of customer needs, geographic reach, and market segments served by the _________.

Strategic strength, as described by Michael Porter, is a supply-side dimension that looks at the strength or core competency of the _________.

Tradeoff is a concept that involves sacrificing one thing for the benefit of another, and it plays a crucial role in the rational choice model and the process of ___________.