BUS 475 Chapter 1

2. A _____-oriented vision defines a business in terms of a good or service provided.
7. Strategic _____ - When companies stake out a unique position within an industry that allows the firm to provide value to customers, while controlling costs.
9. _____ Values Statement - Statement of principles to guide an organization as it works to achieve its vision and fulfill its mission, for both internal conduct and external interactions; it often includes explicit ethical considerations.
11. Competitive _____ - Superior performance relative to other competitors in the same industry or the industry average.
14. _____ Competitive Advantage - Outperforming competitors or the industry average over a prolonged period.

1. The set of goal-directed actions a firm takes to gain and sustain superior performance relative to competitors.
3. Strategic _____ - the integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage.
4. A statement about what an organization ultimately wants to accomplish; it captures the company's aspiration.
5. Competitive _____ - Underperformance relative to other competitors in the same industry or the industry average.
6. A _____-oriented vision defines a business in terms of providing solutions to customer needs.
8. Strategic _____ - A stretch goal that pervades the organization with a sense of winning, which it aims to achieve by building the necessary resources and capabilities through continuous learning.
10. Organizational core _____ - The ethical standards and norms that govern the behavior of individuals within a firm or organization.
12. Competitive _____ - Performance of two or more firms at the same level.
13. Describes what an organization actually does, the products and services it plans to provide, and the markets in which it will compete.