A random set of actions taken by a firm

An integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage

A strategy to achieve average returns

A strategy to minimize risks

When a firm faces intense competition

When a firm fails to create value for customers

When a firm has average returns

When a firm creates superior value for customers and competitors are not able to imitate the value

Returns in excess of what an investor expects to earn from other investments with a similar amount of risk

Returns that are unpredictable

Returns that are lower than expected

Returns equal to what an investor expects from other investments

Analysis of macroeconomic factors

Analysis of factors contributing to a firm's overall strategy and product placement

Analysis of internal resources of a firm

Analysis of customer preferences

Inputs into a firm's production processes such as capital equipment, skills of employees, patents, and finances

Outputs of a firm's production processes

External factors affecting a firm

Competitors' resources

A marketing strategy

A short-term goal

A detailed financial plan

A picture of what the firm wants to be and achieve

Individuals, groups, and organizations that can affect the firm's vision and mission

Only the shareholders

Only the employees

Only the customers

Avoid change

Select actions to help the firm achieve its vision and mission

Only focus on short-term profits

Ignore the competitive landscape

A random set of decisions taken by a firm

A process to avoid risks

The full set of commitments, decisions, and actions firms take to achieve strategic competitiveness and earn above-average returns

A process to achieve average returns