quiz 4

licensing

a form of long term contracting in the manufacturing sector that enables firms to commercialize intellectual property

franchising

a long term contract in which a franchisor grants a franchisee the right to use the franchisors trademark and business processes to offer goods and services that carry the franchisor's brand name

joint venture

a stand alone organization created and jolly owned by two or more patent companies

backward vertical intergration

changes in an industry value chain that involve moving ownership of activities upstream to the originating (inputs) point of the value chain

forward vertical integration

changes in an industry value chain that involve moving ownership of activitis closer to the end (customer) point of the value chain

merger

the joining of two independent companies to form a combined entity

acquistion

the purchase or takeover of one company by another; can be friendly or unfriendly

strategic alliances

voluntary arrangements between firms that involve the sharing of knowledge, resources, and capabilities with the intent of developing process, products, or services.

tactit knowledge

knowledge that cannot be codified; concerns knowing how to do a task and can be acquired only through active participation in the task

strategic alliance

a voluntary arrangement between firms that involves the sharing of knowledge , resources, and capabilities with the intent of developing processes, products, or services.

corporate strategy

the decisions that senior management makes and the goal directed actions it takes to gain and sustain competitive advantage in serveral industries and markets simultaneously