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32 Cards in this Set
- Front
- Back
business strategy |
a leadership plan that achieves a specific set of goals or objectives developing new products or services entering new markets increasing customer loyalty attracting new customers increasing sales |
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competitive advantage |
a product or service that an organization's customers place a greater value on than similar offerings from a competitor |
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first mover advantage |
an organization can significantly impact its market share by being first to market with a competitive advantage |
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competitive intelligence |
the process of gathering information about the competitive environment to improve the company's ability to succeed |
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what are some competitive intelligence tools |
porters five forces model porters three generic strategies porters value chain analysis |
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what is the five forces model used for |
evaluating industry attractiveness |
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what are the five forces within porter's five forces model |
threat of substitute products or services supplier power buyer power threat of new entrants rivalry amongst existing competitors at center
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buyer power |
ability of buyers to affect the price of an item involves switching costs and loyalty program |
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switching cost |
manipulating costs that make customers reluctant to switch to another product |
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loyalty program |
rewards customers based on the amount of business they do with a particular organization |
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supplier power |
the supplier's ability to influence the prices they charge for suppliers involves the supply chain
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supply chain |
consists of all parties involved in the procurement of a product or raw material |
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when is a threat of a substitute high and low? |
high- many alternatives to a product or service low- few alternatives |
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when is there a high and low threat of new entrants |
high- easy for new competitors to enter the market low- significant entry barriers |
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entry barriers |
a feature of a a product or service that customers have come to expect and entering competitors must offer the same for survival necessary to enter the market |
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when is rivalry amongst existing competitors high and low |
high- competition is fierce in a market low - competitors are more complacent |
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product differentiation |
when a company develops unique differences in its products or services with the intent to influence demand |
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business process |
a standardized set of activities that accomplish a specific task or process |
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value chain |
views a firms as as series of business processes that each add value to the product or service |
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what are the primary value activities |
inbound logistics operations outbound logistics marketing and sales service |
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inbound logistics |
acquires raw materials and resources and distributes them |
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operations |
transforms raw materials or inputs into goods and services
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outbound logistics |
distributes goods and services to customers |
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marketing and sales |
promotes prices and sells products to customers |
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service |
provides customer support |
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what are some support value activities |
firm infrastructure HR management technology development procurement |
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firm infrastructure |
includes the company format or departmental structures environment and systems |
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Human Resource management |
provides employee training hiring and compensation |
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technology development |
applies MIS to process to add value |
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procurement |
purchases inputs such as raw materials resources equipment and supplies |
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What activities in Porter's Value Chain analysis contribute to value added |
support value activities and primary value activities |
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what are the primary value activities |
receive and store raw materials make product or service deliver product or service market and sell the product or service service after the sale |