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Defining and Discussing Business Management Terms

Define and give examples of the following terms:

1. Coreness
2. Imitability
3. Tacit knowledge
4. T-skills
5. Substitute products
6. Co-opetitors
7. Idiosyncratic assets
8. Value stock
9. Moral Hazarrd
10. Era of ferment

Describe the major changes that are occurring in the business world in the U.S. due to the rise of the Internet.

What costs are likely to be incurred by businesses in the U.S. due to these changes?

What benefits are likely to be incurred by businesses in the U.S. due to these changes? Are they better able to compete with other businesses?

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Define and give examples of the following terms:

1. Coreness: This relates to the competencies of an organization. Competencies are considered core if they are at the center of a firm's long-term success. Competencies are considered non-core if they are at the periphery of a firm's long-term success.

2. Imitability: The extent to which a competence can be duplicated or substituted by competitors. All new technology and processes have the consideration of imitability when developed. It is a measure used to determine how long the inventing firm will have exclusivity of the product before its competitors make similar product or processes

3. Tacit knowledge: Tacit knowledge (as opposed to formal or explicit knowledge) is knowledge that is difficult to transfer to another person by means of writing it down or verbalizing it.

(Alternative definition) Unwritten, unspoken, and hidden knowledge possessed by practically every normal human being, based on his or her emotions, experiences, insights, intuition, observations and internalized information. Tacit knowledge is acquired largely through association with other people, and requires shared activities to be imparted from one to another. It constitutes the bulk of what we knows, and forms the framework that makes explicit knowledge possible.

With tacit knowledge, people are not often aware of the knowledge they possess or how it can be valuable to others. Effective transfer of tacit knowledge generally requires extensive personal contact and trust. Another example of tacit knowledge is the ability to ride a bicycle.

4. T-skills: (1) "Transferable skills" are those that transfer readily from one job to another. A number of these skills, like communication, come more naturally to some of us. However, they can be learned and developed over time. (2) "Technology skills" equate to computer literacy.
(1) An example is being trained for a ...

Solution Summary

This solution provides definitions and discussions on terms and concepts related to business management.