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14 Cards in this Set
- Front
- Back
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It is composed of individuals and organizations who are interested in and willing to buy a good or service to obtain benefits that will satisfy a particular need or who want and have the resources to engage in such a transaction
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Market
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It is a group of firms that offer a product or class of products that are similar and are close substitutes for one another.
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Industry
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Markets are comprised of ___________.Industries are comprised of ____________.
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a. Buyersb. Sellers
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Based on environmental conditions that affect the market or industry, respectively, as a whole, without regard to a particular company's strategy, target market, or its role in its industry.
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Macro-level analysis
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They look not at the market or industry overall but at individuals in that market or industry; that is, specific target customers and companies themselves, respectively.
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Micro-level analysis
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1. Demographic environment2. Sociocultural environment3. Economic environment4. Regulatory environment5. Technological environment6. Natural environment
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Macro analysis for Markets (6)
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1. Aging2. AIDS3. Imbalanced Population Growth4. Increased Immigration5. Declining marriages rates
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Demographic trends (5)
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1. Business ethics2. Fitness and nutrition
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Sociocultural trends (2)
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1. Rivalry amont present competitors2. Threat of new entries3. Bargaining power of suppliers4. Bargaining power of buyers5. Threat of substitute products
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Macro analysis for Industries/Porter's Five Competitive Forces
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1. There is a clearly identified source of customer pain, for some clearly identifiable set of target customers, which the offering resolves.2. The offering provides customer benefits that other solutions do not3. The target segment is likely to grow4. There are other segments for which the currently targeted segment may provide a springboard for subsequent entry
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Opportunities are attractive at the Micro Level on the Market Side when...
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1. It possesses something proprietary that other companies cannot easily duplicate or imitate.2. The business has or can develop superior organizational processes, capabilities, or resources that others would find it difficult to imitate or duplicate.3. The company's business model is economically viable
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Opportunities are attractive at the Micro Level on Industry Side when...
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1. Does the opportunity fit what we want to do?2. Do we have the people who can execute on whatever it takes to be successful in this particular industry?3. Do we have the right connections?
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Questions for assessing an opportunity (3)
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Few factors that are critical to the success of the industry.
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CSF (Critical Success Factors)
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Tool that helps determine the probability of the occurrence of events that could have an impact on the firm and their degree of impact.
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Opportunity/Threat Matrix
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