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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 business |
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SWOT analysis |
stands for 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 organizations product or service from competitors because of certain unique characteristics |
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weaknesses |
negative internal factors that a company can control |
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raw materials |
items (materials) used in then 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 to whom a company aims the selling of its products or services |
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threats |
negative or unfavorable external factors that affect businesses and their level of competitiveness |
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porters 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 customers finding another way to either make or provide the services or products a company purchases from them |
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buyer power |
pertains to how much power customers have as far as driving down the prices of products and services |
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competitive rivalry |
the amount of power a company has in the market in a relation to their competitors |
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threat of substitution |
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 firms total sales in a 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 presents existing merchandise |
