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14 Cards in this Set
- Front
- Back
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Profit |
The difference between the purchase price of goods and/or services, and the combined manufacturing costs and operating costs of the business. |
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Market |
The place or structure, physical or abstract, where buyers and sellers exchange goods. |
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Target Market |
The particular group of consumers at which your products or services are aimed. |
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Competitor |
1. A person or company that is promoting similar products or services. 2. A person or company that is trying to draw revenue from the same sources that you are. |
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Mission Statement |
a statement that communicates the purpose of an organization or person. |
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Vision Statement |
a positive visualization of what reality is like when you successfully execute your mission. |
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Values |
The principles, beliefs or philosophy that outline how you go about earning your customers’ business and guaranteeing their long term loyalty. |
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Competitive Strategy |
A plan to gain and maintain competitive advantages for your business. |
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Competitive Advantage |
A specific detail that give your brand, products or services an edge over your competitors. |
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Low Cost Strategy |
a competitive strategy by which a business seeks to beat their competitors’ prices on products or services. |
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Differentiation Strategy |
a competitive strategy by which a business seeks to define their value by the ways in which they are different from their competitors. |
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Strategic Focus |
The portion of the market that a company’s products or services are marketed to with respect to their competitive strategy. There are two categories: Industry-wide focus, and Segmented focus. |
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Industry-wide Focus |
A strategic focus whereby a company’s products or services are marketed to a whole market. |
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Segmented Focus |
A strategic focus whereby a company’s products or services are marketed to specific segments within a given whole market. |
