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19 Cards in this Set
- Front
- Back
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Competition |
Rivalry between two or more companies within the same industry |
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Competitive Advantage |
Occurs when a company operates in a more efficient manner than its competitors, which causes their sales to increase above other businesses |
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SWOT Analysis |
Stands fro strengths, weaknesses, opportunities and threats; a useful tool in helping a company determine where they stand compared to their competition |
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Strategy |
A design for a company or organization in order to reach its long-term goals through planning organizing, execution and controlling of activities |
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Strengths |
Positive, internal factors that can be controlled within a business |
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Networking |
Making links and establishing a mutually beneficial relationship with other business people |
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Unique Selling Points |
Distinguishes the organization's product or service from competitors because of certain unique characteristics |
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Weakness |
Negative, internal factors that a company can control |
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Raw Materials |
items (materials) used in the production of a good |
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Opportunity |
A favorable, external factor companies cannot control |
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Target Market |
A specific group of consumers of whom a company aims the selling of its product or services |
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Threats |
Negative or unfavorable external factors that affect businesses and their level of competitiveness |
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Porter's Five Forces |
Helps companies to analyze their industry and determine their level of competitiveness |
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Supplier Power |
Pertains to how much power a supplier has as far as increasing the prices of supplies and merchandise a company purchases from them |
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Buyer Power |
Pertains to how much power customers has in the market in relation to their competitors |
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Competitive Rivalry |
The amount of power a company has in the market relation to their competitors |
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Threat of Subsitution |
Determines the ability and likelihood of customers finding another way to either make or provide the services or products a company offers |
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Market Share |
The percentage of a firm's total sales in relation to the industry as a whole |
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Advertising |
A paid message sent from a company to the public in order to introduce a new product or service, or present existing merchandise |
