Shared Flashcard Set

Details

1 - MGT 499 || Chapter 5 Class Notes
1 - MGT 499 || Chapter 5 Class Notes
19
Business
Undergraduate 4
02/14/2019

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Cards

Term
What focuses on maximizing profit in a single industry?
Definition
Business Level Strategy
Term
Revenues - Costs =
Definition
Profits
Term
What are the following?:

Cost Leadership and Differentiation
Definition
Profit Maximization Methods
Term
What is the customer's perceived value of a product?
Definition
Customer Willingness To Pay
Term
What is to have the lowest costs in the industry?
Definition
Cost Leadership
Term
What is to set yourself apart from other firms in the industry?
Definition
Differentiation
Term
What is to create enough of a product in order to create more for less cost?
Definition
Economies of Scale
Term
What is the process of dividing the market into different groups based on different customer characteristics?
Definition
Market Segmentation
Term
What type of Market Segmentation doesn't or minimally recognize differences between customers?
Definition
Low Market Segmentation
Term
What type of Market Segmentation recognizes differences between customers to serve one segment?
Definition
Focused Market Segmentation
Term
What type of Market Segmentation recognizes differences between customers and makes a product for each segment?
Definition
High Market Segmentation
Term
What are the following?:

Reduce Rivalry

Reduce Substitutes

Increase Barriers To Entry

Reduce Supplier Power
Definition
Cost Leadership Benefits
Term
Why Do Suppliers Have Low Power Against Cost Leaders?
Definition
Suppliers Need Cost Leaders
Term
What are the following?:

Innovation (new technologies and processes)

Lower Labor Costs (International Competition)

Imitation

Risk
Definition
Cost Leadership Disadvantages
Term
What are the following?:

Reduce Rivalry

Reduce Buyer Power

Reduce Supplier Power

Reduce Barriers To Entry
Definition
Differentiation Benefits
Term
What is the following?:

Imitation
Definition
Differentiation Disadvantages
Term
What are the following?:

Lower Threat of Entry and Rivalry

Lower Buyer Power
Definition
Focus Strategy Advantage
Term
What are the following?:

High Supplier Power and dependence on a particular market segment.
Definition
Focus Strategy Disadvantage
Term
What happens when a company tries to pursue product differentiation and cost leadership?
Definition
Stuck In The Middle
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