1. Share something unique about your background. Explain how you expect “Business and admin” will help you move forward in your current or future career.
2. Identify an organization that could benefit from the application of the” I/O Model of Above-Average Returns” ( DO NOT USE APPLE OR WALMART ).
Follow the five steps to justify your answer.
Be sure to incorporate the relevant vocabulary or terms and give us the “why.”
VOCABULARY WORDS
– Hypercompetition is a term often used to illustrate the competitive landscape. The conditions of hypercompetition assume that market stability is replaced by notions of inherent instability and change.
-global economy refers to the goods, services, people, skills, and ideas that move freely across geographic borders.
-Globalization refers to a growing interdependence among countries and their organizations, as shown by the flow of goods and services, financial capital, and knowledge across the countries’ borders.
– . A word often used along with technology diffusion is perpetual innovation. This term refers to the rapidly and consistently new technologies that replace older ones.
-Strategic flexibility allows firms to get better in areas in which they may be lacking Using strategic flexibility allows for a set of capabilities to respond to various demands and opportunities that exist in today’s dynamic and uncertain competitive environments.
– Above-average returns are returns in excess of what an investor expects to earn from other investments with a similar amount of risk.
– Average returns are returns equal to those an investor expects to earn from other investments with a similar amount of risk.
-Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy.
Resources are inputs into a firm’s production process.
THE “I/O MODEL OF ABOVE-AVERAGE RETURNS” 5 STEPS…
1.SUPPLIERS
2.BUYERS
3.COMPETITIVE RIVALRY AMONG INDUSTRY FIRMS
4.PRODUCT SUBSTITUTES
5.POTENTIAL ENTRANTS TO THE INDUSTRY
