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Definition:The existence of high start-up costs or other obstacles that prevent new competitors from easily entering an industry or area of business. Barriers to entry benefit existing companies already operating in an industry because they protect an established company's revenues and profits from being whittled away by new competitors.
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Definition:The increase in efficiency of production as the number of goods being produced increases. Typically, a company that achieves economies of scale lowers the average cost per unit through increased production since fixed costs are shared over an increased number of goods.
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Definition: When consumers become committed to your brand and make repeat purchases over time. Brand loyalty is a result of consumer behavior and is affected by a person’s preferences. Loyal customers will consistently purchase products from their preferred brands, regardless of convenience or price.
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Definition:The percentage of an industry or market's total sales that is earned by a particular company over a specified time period. Market share is calculated by taking the company's sales over the period and dividing it by the total sales of the industry over the same period. This metric is used to give a general idea of the size of a company to its market and its competitors.
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Definition: Banks that cater to and serve the needs of a certain demographic segment of the population. Niche banks typically target a specific market or type of customer, and tailor a bank's advertising, product mix and operations to this target market's preferences.
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Definition: An effort to infuence consumer perceptin of a brand or product relative to the perception of competing brands o rproduct. Its objective is to occupy a clear, unique, and advantageous postion in the consumer's mind.
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Definition:
A superiority gained by an
organization when it can provide the same value as its competitors but at a lower price, or can charge higher prices by providing greater value through differentiation. competitive advantage results from matching core competencies to the opportunities.
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Definition:
An advantage that a firm has over its competitors, allowing it to generate greater sales or margins and/or retain more customers than its competition. There can be many types of competitive advantages including the firm's cost structure, product offerings, distribution network and customer support.
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Definition:
Collection and evaluation of data associated with customer needs and market trends, through customer focus groups, customer satisfaction measurement, field testing, etc.
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