_____ promotes endless comparison shopping, enabling consumers worldwide to band together to demand discounts. The _____ has transferred power from businesses to individuals. Buyers used to face big obstacles when attempting to get the best price and service, such as limited time and data to compare, but now consumers can quickly scan hundreds of vendor offerings. Both the number of people shopping online and the average amount they spend is increasing dramatically.

become the name of the game in market- ing. Consumers today are flocking to blogs, sending tweets, watching and posting videos on YouTube, and spending hours on Tumbler, Facebook, Reddit, Instagram, and LinkedIn, instead of watching television, listening to the radio, or reading newspapers and magazines

Facebook recently unveiled features that further marry these social sites to the

______ wants their members to use their identities to manage all their online identities. Most traditional retailers boost in-store sales using their websites to promote in-store promotions.

This term can be defined as any activity a firm does especially well compared to activities done by rival firms, or any resource a firm possesses that rival firms desire

Competitive Advantage: Having _______than rival firms can provide major competitive advantages.

customers from most other stores in the mall, and Family Dollar is taking revenues from Walmart.9 Getting and keeping competitive advantage is essential for long-term success in an organization. In ______, big-box com- panies, such as Walmart, Best Buy, and Sears, are losing competitive advantage to smaller stores, reflecting the dramatic shift in mass retailing to becoming smaller.

customers from most other stores in the mall, and Family Dollar is taking revenues from Walmart.9 Getting and keeping competitive advantage is essential for long-term success in an organization. In ________ big-box com- panies, such as Walmart, Best Buy, and Sears, are losing competitive advantage to smaller stores, reflecting the dramatic shift in mass retailing to becoming smaller.

customers shift more to ________, less brick and mortar is definitely better for sustaining competitive advan- tage in retailing.

Normally, a firm can sustain a competitive advantage for only a certain period because of rival firms imitating and undermining that advantage. Thus, it is not adequate simply to obtain competitive advantage. A firm must strive to achieve

Normally, a firm can sustain a competitive advantage for only a certain period because of rival firms imitating and undermining that advantage. Thus, it is not adequate simply to obtain competitive advantage. A firm must strive to achieve

advantage. A firm must strive to achieve sustained competitive advantage by

1) continually adapting to changes in external trends and events and internal capabilities, competencies, and resources (2) effectively formulating, implementing, and evaluating strategies that capitalize on those factors.

1) continually adapting to changes in external trends and events and internal capabilities, competencies, and resources; and (2) effectively formulating, implementing, and evaluating strategies that capitalize on those factors.

are the individuals most responsible for the success or failure of an organization. They have various job titles,

example of strategists

Walmart, Best Buy, and Sears are examples of

help an organization gather, analyze, and organize information. They track indus- try and competitive trends, develop forecasting models and scenario analyses, evaluate corporate and divisional performance, spot emerging market opportunities, identify business threats, and develop creative action plans.

usually serve in a support or staff role. Usually found in higher levels of management, they typically have considerable authority for decision making in the firm.

is the most visible and critical strategic manager. Any manager who has responsibility for a unit or division, responsibility for profit and loss outcomes, or direct authority over a major piece of the business is a strategic manager (strategist).

This corporate officer title represents recognition of the growing importance of strategic planning in business. Franz Koch, the ____ of German sportswear company Puma AG, was recently promoted to CEO of Puma. When asked about his plans for the company, Koch said on a conference call, “I plan to just focus on the long-term strategic plan.”

differ in their attitudes, values, ethics, willingness to take risks, concern for social responsibility, concern for profitabil- ity, concern for short-run versus long-run aims, and management style—some will not even con- sider various types of strategies because of their personal philosophies.

five key areas that prior research suggests as most important and most likely to lead to a CSO appointment:

five key areas that prior research suggests as most important and most likely to lead to a CSO appointment:

five key areas that prior research suggests as most important and most likely to lead to a CSO appointment:

______ not only broadly charts the future direction of an organization but it also serves as a constant reminder to its employees of why the organization exists and what the founders envisioned when they put their fame and fortune (and names) at risk to breathe life into their dreams.

refer to economic, social, cultural, demographic, environmental, political, legal, governmental, technological, and competitive trends and events that could significantly benefit or harm an organization in the future.

are largely beyond the control of a single organization—thus the word externa

strategies to take advantage of external opportunities and avoid or reduce the impact of external threats. For this reason, identifying, monitoring, and evaluating external opportunities and threats are essential for success. This process of conducting research and gathering and assimilating external information is sometimes called

is one activity that some organizations use to influence external opportunities and threats.

are an organization’s controllable activities that are performed especially well or poorly. They arise in the management, marketing, finance/ accounting, production/operations, research and development, and management information systems (MIS) activities of a business.

Relative _____ or _______ is important information. Also, strengths and weaknesses can be determined by ______ of being rather than performance.

In performing a strategic-management case analysis, it is important to be as _____ as possible when determining and stating internal strengths and weaknesses.

Both internal and external factors should be stated as specifically as possible, using _____, _____, ______, and ratios, as well as comparisons over time to rival firms.

________ is important because strategies will be formulated and resources allocated based on this informa- tion.

______ can be determined in a number of ways, including computing ratios, measur- ing performance, and comparing to past periods and industry averages.

is one activity that some organizations use to influence external opportunities and threats.

is one activity that some organizations use to influence external opportunities and threats.

Relative _____ or _______ is important information. Also, strengths and weaknesses can be determined by ______ of being rather than performance.

differ in their attitudes, values, ethics, willingness to take risks, concern for social responsibility, concern for profitabil- ity, concern for short-run versus long-run aims, and management style—some will not even con- sider various types of strategies because of their personal philosophies.

differ in their attitudes, values, ethics, willingness to take risks, concern for social responsibility, concern for profitabil- ity, concern for short-run versus long-run aims, and management style—some will not even con- sider various types of strategies because of their personal philosophies.

strategies to take advantage of external opportunities and avoid or reduce the impact of external threats. For this reason, identifying, monitoring, and evaluating external opportunities and threats are essential for success. This process of conducting research and gathering and assimilating external information is sometimes called

______ not only broadly charts the future direction of an organization but it also serves as a constant reminder to its employees of why the organization exists and what the founders envisioned when they put their fame and fortune (and names) at risk to breathe life into their dreams.

strategies to take advantage of external opportunities and avoid or reduce the impact of external threats. For this reason, identifying, monitoring, and evaluating external opportunities and threats are essential for success. This process of conducting research and gathering and assimilating external information is sometimes called

strategies to take advantage of external opportunities and avoid or reduce the impact of external threats. For this reason, identifying, monitoring, and evaluating external opportunities and threats are essential for success. This process of conducting research and gathering and assimilating external information is sometimes called

strategies to take advantage of external opportunities and avoid or reduce the impact of external threats. For this reason, identifying, monitoring, and evaluating external opportunities and threats are essential for success. This process of conducting research and gathering and assimilating external information is sometimes called

are largely beyond the control of a single organization—thus the word externa

The strategic-management process is based on the belief that organizations should continually monitor internal and external events and trends so that timely changes can be made as needed. The rate and magnitude of changes that affect organizations are increasing dramatically, as evidenced by how the drop in oil prices caught so many firms by surprise. Firms, like organisms, must be “adept at adapting” or they will not survive.

The strategic-management process is based on the belief that organizations should continually monitor internal and external events and trends so that timely changes can be made as needed. The rate and magnitude of changes that affect organizations are increasing dramatically, as evidenced by how the drop in oil prices caught so many firms by surprise. Firms, like organisms, must be “adept at adapting” or they will not survive.

The strategic-management process is based on the belief that organizations should continually monitor internal and external events and trends so that timely changes can be made as needed. The rate and magnitude of changes that affect organizations are increasing dramatically, as evidenced by how the drop in oil prices caught so many firms by surprise. Firms, like organisms, must be “adept at adapting” or they will not survive.

strategies to take advantage of external opportunities and avoid or reduce the impact of external threats. For this reason, identifying, monitoring, and evaluating external opportunities and threats are essential for success. This process of conducting research and gathering and assimilating external information is sometimes called