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Strategic competitiveness is something that is achieved by a firm when they have successfully implemented a value-creating strategy. Here, strategy refers to an integrated actions that are designed to help a firm gain advantage between competitions. Competitive advantage refers to when a firm implements a strategy which cannot be duplicated or found too costly to imitate. Hence, this would lead to above-average returns which are the returns in excess of what an investor expects to earn from other investments with a similar amount of risk. Finally, the strategic management process is the full set of commitments, decision, and actions required for a firm to achieve strategic competitiveness and earn above-average returns.
2. What are the characteristics of the twenty-first-century landscape? What two factors are the primary drivers of this landscape?
The fundamental nature of competition is changing amongst industries with an increasing pace. Dynamics of strategic maneuvering among global and innovative combatants have become more complex and diverse which resulted Hypercompetition. Conventional sources of competitive advantage such as economics of scale and huge advertising budgets are not as effective as they once were. It requires managers to become and adopt a new mindset that values conditions such as flexibility, speed, innovation, integration and challenges that are constantly changing. Several factors create such change in the characteristics of the twenty-first-century landscape. The two primary drivers that provokes this are emergence of global economy and rapid technology change.
3. According to the I/O model, what should a firm do to earn above-average returns?
I/O model suggests that firm should implement the strategy dictated by the characteristics of the general, industry and competitor environments. Thus, firms should develop or acquire the internal skills needed to implement strategies required by the external environment. Hence, returns are