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Competitive Rivalry and Competitive Dynamics Michael A. Hitt R. Duane Ireland Robert E. Hoskisson Definitions Competitors firms operating in the same market, offering similar products and targeting similar customers Competitive rivalry the ongoing set of competitive actions and responses occurring between competitors competitive rivalry influences an individual firm’s ability to gain and sustain competitive advantages Definitions Competitive behavior the set of competitive actions and competitive responses the firm takes to build or defend its competitive advantages and to improve its market position Competitive dynamics the total set of actions and responses taken by all firms competing within a market From Competitors to Competitive Dynamics Effect of Competitive Rivalry on a Firm’s Strategies Success of a strategy is determined by: the firm’competitive actions how well it anticipates competitors’ responses to them how well the firm anticipates and responds to its competitors’ initial actions Competitive rivalry affects all types of strategies most dominant influence is on the firm’s business-level strategy or strategies. A Model of Competitive Rivalry Competitive Rivalry Firms are mutually interdependent one firm’s competitive actions have noticeable effects on competitors one firm’s competitive actions elicit competitive responses from competitors competitors feel each other’s actions and responses Marketplace success is a function of both individual strategies and the consequences of their use Competitor Analysis Competitor analysis a technique firms use to understand their competitive environment. Along with the general and industry environments, the competitive environment comprises the firm’s external environment a technique used to help the firm understand its competitors the first step to being able to predict competitors’ behavior in the form of its competitive actions and responses Market Commonality Market Commonality is concerned with the numbe