Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
14 Cards in this Set
- Front
- Back
Benchmarking
|
Comparing your own performance with that of rivals, to try and identify and learn from best practice
|
|
Competitive advantage
|
The factors that enable a business to sustain a profitable position in a competitive market, when rival firms may not be able to do so
|
|
Corporate objective
|
A measurable goal a business wishes to achieve in the short to medium term
|
|
Demography
|
Factors relating to the population such as changes in average age, immigration trends, trends in incomes
|
|
Distinctive capabilities
|
ways a firm operates that cannot easily be copied by rivals e.g. Ryanair's obsession with cost minimisation
|
|
Diversification
|
When a company expands its activities outside its normal range. Whilst seen as risky, it can also reduce risk by expanding activities beyond just one market and product so that a firm is less reliant on one revenue stream.
|
|
Economies of scale
|
factors that cause average costs to fall as the level of output increases so that unit costs become lower
|
|
Generic strategy
|
A strategic position that will prove effective in every market/industry. Prof Michael Porter says lowest cost or highest differentiation are the best such strategies
|
|
Lobbying
|
A term derived from the part of the Houses of Parliament where electors could come to talk to their MP. Now a term used to describe attempts to influence government policy and decision making.
|
|
Product differentiation
|
The extent to which consumers perceive one product as being distinct from that of a rival firm.
|
|
Repositioning
|
Changing a product or the way in which it is promoted in order to appeal to a different market segment
|
|
Tactics
|
The more detailed ways in which a strategy is implemented by an organisation
|
|
Mission statement
|
a short passage of text that sums up an organisation's mission/reason for existing. Likely to be displayed around the workplace.
|
|
Strategy
|
The fundamental choices a business' directors make about what products to sell, what markets to operate in and how to position products in these markets
|