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32 Cards in this Set

  • Front
  • Back

business strategy

a leadership plan that achieves a specific set of goals or objectives


developing new products or services


entering new markets


increasing customer loyalty


attracting new customers


increasing sales

competitive advantage

a product or service that an organization's customers place a greater value on than similar offerings from a competitor

first mover advantage

an organization can significantly impact its market share by being first to market with a competitive advantage

competitive intelligence

the process of gathering information about the competitive environment to improve the company's ability to succeed

what are some competitive intelligence tools

porters five forces model


porters three generic strategies


porters value chain analysis

what is the five forces model used for

evaluating industry attractiveness

what are the five forces within porter's five forces model

threat of substitute products or services


supplier power


buyer power


threat of new entrants


rivalry amongst existing competitors at center


buyer power

ability of buyers to affect the price of an item


involves switching costs and loyalty program

switching cost

manipulating costs that make customers reluctant to switch to another product

loyalty program

rewards customers based on the amount of business they do with a particular organization

supplier power

the supplier's ability to influence the prices they charge for suppliers


involves the supply chain


supply chain

consists of all parties involved in the procurement of a product or raw material

when is a threat of a substitute high and low?

high- many alternatives to a product or service


low- few alternatives

when is there a high and low threat of new entrants

high- easy for new competitors to enter the market


low- significant entry barriers

entry barriers

a feature of a a product or service that customers have come to expect and entering competitors must offer the same for survival


necessary to enter the market

when is rivalry amongst existing competitors high and low

high- competition is fierce in a market


low - competitors are more complacent

product differentiation

when a company develops unique differences in its products or services with the intent to influence demand

business process

a standardized set of activities that accomplish a specific task or process

value chain

views a firms as as series of business processes that each add value to the product or service

what are the primary value activities

inbound logistics


operations


outbound logistics


marketing and sales


service

inbound logistics

acquires raw materials and resources and distributes them

operations

transforms raw materials or inputs into goods and services


outbound logistics

distributes goods and services to customers

marketing and sales

promotes prices and sells products to customers

service

provides customer support

what are some support value activities

firm infrastructure


HR management


technology development


procurement

firm infrastructure

includes the company format or departmental structures environment and systems

Human Resource management

provides employee training hiring and compensation

technology development

applies MIS to process to add value

procurement

purchases inputs such as raw materials resources equipment and supplies

What activities in Porter's Value Chain analysis contribute to value added

support value activities and primary value activities

what are the primary value activities

receive and store raw materials


make product or service


deliver product or service


market and sell the product or service


service after the sale