Strategy

Goal-directed actions to gain and sustain competitive advantage

Strategic Management
The integrated management field that combines analysis,
formulation, and implementation in the quest for competitive
advantage.

AFI strategy framework

A model that links three interdependent strategic management
tasks - Analyze, Formulate, and Implement, that, together, help
firms conceive of and implement a strategy that can improve
performance and result in competitive advantage.

Sustainable competitive advantage

Outperforming competitors or the industry average over a
prolonged period of time.

Competitive Advantage
Superior performance relative to other competitors in the same
industry or the industry average

Competitive Disadvantage
underperformance relative to other competitors in the same
industry or the industry average

Competitive parity
performance of two or more firms at the same level

Strategic business unit (SBU)

a standalone division of a larger conglomerate with its own profit
and loss responsibility

Co-opetition
Cooperation by competitors to achieve a strategic objective

firm effects
the results of managers' actions to influence firm performance

industry effects
results attributed to the choice of industry in which to compete


Stakeholders
any individuals or groups that are affected by the firm's actions

Bottom of the pyramid

the largest, but poorest socioeconomic group of people in the
world

business model
organizational plan that details the firms competitive tactics and
initiatives; inshort, how the firm intends to make money