INTB 3354 Chapter 10: International Competitive Strategy

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1

International Strategy

The way firms make choices about acquiring and using scarce resources in order to achieve their international objectives

2

Competitive Advantage

The ability of a company to have higher rates of profits than its competitors

3

Competencies

Skills or abilities required in order to adequately complete a task

4

Strategic planning

The process by which an orgnaization determines where it is going in the future, how it will get there, and how it will assess whether and to what extent it has achieved its goals

5

Value chain analysis

An assessment conducted on the chain of interlinked activities of an organization or set of interconnected organizations, intended to determine where and to what extent value is added to the final product or service

6

Knowledge management

The practices that organizations and their managers use for the identification, creation, acquisition, development, dispersion, and exploitation of competitively valuable knowledge

7

Tacit knowledge

Knowledge than an individual has but that is difficult to express clearly in words, pictures, or formulae, and therefore difficult to transmit to others

8

Explicit knowledge

Knowledge that is easy to communicate to others via words, pictures, formulae, or other means

9

Mission statement

A broad statement that defines the organization's purpose and scope

10

Vision statement

A description of the company's desired future position if it can acquire the necessary competencies and successfully implement its strategy

11

Values statement

A clear and concise description of the fundamental values, beliefs, and priorities of the organization's members

12

Competitive strategies

Action plans to enable organizations to reach their objectives

13

Scenarios

Multiple, plausible stories about the future

14

Contingency plans

Plans for the best-or-worse case scenarios or for critical events that could have a severe impact on the firm

15

Sales forecast

A prediction of future sales performance

16

Budget

An itemized projection of revenues and expenses for a future time period

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Policies

Broad guidelines intended to assist lower-level personnel in handling recurring issues or problems

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Procedures

Specified ways of performing a particular task or activity

19

Top-down planning

Planning process that begins at the highest level in the organization and continues downward

20

Bottom-up planning

Planning process that begins at the lowest level in the organization and continues upward

21

Iterative planning

Repetition of the bottom-up or top-down planning practices until all differences are reconciled