Question: Alliances
Answer: A union or association formed for mutual benefit, especially between countries or organizations.
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Question: Business Level Strategies
Answer: Actions that firms take to gain competitive advantages in a single market or industry
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Question: Competitive Advantage
Answer: An advantage over competitors gained by offering greater customer value, either by having lower prices or providing more benefits that justify higher prices
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Question: Conglomeration
Answer: The act of growing through unrelated diversification, essentially by acquiring companies in different industries
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Question: Core Competencies
Answer: Those functions that the organization can do as well as or better than any other organization in the world
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Question: Corporate Level Strategy

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Question: Exporting
Answer: Producing goods in one country and selling them in another
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Question: Franchising
Answer: A contractual agreement between a franchiser and a franchisee that allows the franchisee to operate a business using a name and format developed and supported by the franchiser
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Question: Global Strategies
Answer: Strategies that focus on developing overall scale economies and global efficiency instead of catering to local tastes
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Question: Goal
Answer: A precise statement of results the business expects to achieve
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Question: International Strategy
Answer: Trying to create value by transferring core competencies to foreign markets where indigenous competitors lack those competencies
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Question: Joint Venture
Answer: An agreement between two or more companies to share a business project
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Question: Licensing
Answer: The legal process whereby a licencor allows another firm to use its manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge
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Question: Mission
Answer: The activities a firm performs for its customers
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Question: Mission Statement
Answer: A statement that defines a firm's reason for existence
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Question: Objectives
Answer: Series of quantifiable milestones or benchmarks by which a firm can assess its progress
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Question: Multinational Strategies
Answer: Strategies in which the parent company organizes local subsidiaries and gives them autonomy to develop products tailored to local tastes
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Question: Strategic Position
Answer: A place in an industry that a firm occupies by way of the products or services it offers and the methods it chooses to deliver them
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Question: Strategy
Answer: A plan of action or policy designed to achieve a major or overall aim
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Question: Strategy Formulation
Answer: The process of choosing among different strategies and altering them to best fit the organization's needs
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Question: Tactics
Answer: An action or strategy carefully planned to achieve a specific end
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Question: Transnational Strategy
Answer: Balance a firm's international activities among efficiency, local responsiveness, and organizational learning
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Question: Vision
Answer: A concept or picture of what a firm wants to achieve and how it plans to accomplish that
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Question: Wholly Owned Subsidiaries
Answer: Foreign subsidiary that is totally owned and controlled by an organization
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