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;
32 Cards in this Set
- Front
- Back
environmental scanning
|
surveillance of a firms' external environment to predict environmental changes and detect changes already under way
|
|
environmental monitoring
|
a firm's analysis of the external environment that tracks the evolution of environmental trends, sequences of events, or streams of activities
|
|
hard trend
|
a projection based on measurable facts, events, of objects. It is something that will happen
|
|
soft trend
|
something that might happen and for which the probability that it might happen can be estimated
|
|
competitive intelligence
|
a firm's activities of collecting and interpreting data on competitors, defining and understanding the industry, and identifying competitors' strengths and weaknesses.
|
|
environmental forecasting
|
the development of plausible projections about the direction, scope. Speed, and intensity of environmental change
|
|
scenario analysis
|
an in-depth approach to environmental forecasting that involves experts ' detailed assessments of societal trends, economics, politics, technology, or other dimensions of the external environment
|
|
SWOT analysis
|
a framework for analyzing a company's internal and external environment and that stands for strengths, weaknesses, opportunities, and threats.
|
|
general environment
|
factors external to an industry, and usually beyond a firm's control, that affect a firm's strategy
|
|
demographic segment of the general environment
|
genetic and observable characteristics of a population, including the levels and growth of age, density, sex, race, ethnicity, education, geographic region, and income
|
|
sociocultural segment of the general environment
|
the values, beliefs, and lifestyles of a society
|
|
political/legal segment of the general environment
|
how a society creates and exercises power, including rules, laws, and taxation policies
|
|
technological segment of the general environment
|
innovation and state of knowledge in industrial arts, engineering, applied sciences, and pure science; and their interaction with society
|
|
economic segment of the general environment
|
characteristics of the economy, including national income and monetary conditions
|
|
global segment of the general environment
|
influences from foreign countries, including foreign market opportunities, foreign-based competition, and expanded capital markets
|
|
crowdsourcing
|
practice wherein the internet is used to tap a broad range of individuals and groups to generate ideas and solve problems
|
|
industry
|
a group of firms that produce similar goods of services
|
|
competitive environment
|
factors that pertain to an industry and affect a firm's strategies
|
|
Porter's five-forces model of industry competition
|
a tool for examining the industry-level competitive environment, especially the ability of firms in that industry to set prices and minimize costs
|
|
(P5F-1) threat of new entrants
|
the possibility that the profits of established firms in the industry may be eroded by new competitors
|
|
economies of scale
|
decreases in cost per unit as absolute output per period increases
|
|
product differentiation
|
the degree that a product has strong brand loyalty or customer loyalty
|
|
switching cost
|
one-time costs that a buyer/supplier faces when switching from one supplier/buyer to another
|
|
(P5F-2) bargaining power of buyers
|
the threat that buyers may force down prices, bargain for higher quality or more services, and play competitors against each other
|
|
(P5F-3) bargaining power of suppliers
|
the threat that suppliers may raise prices or reduce the quality of purchases goods and services
|
|
(P5F-4) threat of substitute products and services
|
the threat of limiting the potential returns of an industry by placing a ceiling on the prices that firms in that industry can profitably charge without losing too many customers to substitute products
|
|
substitute products and services
|
products and services outside the industry that serve the same customer needs as the industry's products and services
|
|
(P5F-5) intensity of rivalry among competitors in an industry
|
the threat that customers with switch their business to competitors within the industry
|
|
internet
|
a global network of linked computers that use a common transmission format, exchange information and store data
|
|
zero-sum game
|
a situation in which multiple players interact, and winners win only by taking from other players
|
|
complements
|
products or services that have an impact on the value of a firm's products or services
|
|
strategic groups
|
clusters of firms that share similar strategies
|