Term
| developing and implementing strategies to defeat them. |
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Definition
| An essential piece of the knowledge puzzle is identifying and understanding your competitors, then... |
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Term
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Definition
| forces that affect an industry |
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Term
(1) the number of companies selling products, and
(2) the degree of differentiation among the products. |
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Definition
| One of the most basic strategic forces is the structure of the industry, which is defined by two characteristics: |
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Term
| When products are standardized, it becomes difficult for any one company to break out & charge a premium price; differentiated items allows for more price variability |
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Definition
| What's the difference between an oligopoly of in an industry with standardized items (i.e. Steel) and one with differentiated items (i.e. Automobiles)? |
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Term
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Definition
| companies tend to compete with others in the same level of the (BLANK) as them (i.e. Wal-Mart competes with other retailers, Sony competes with other electronics manufacturers) |
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Term
-direct competition
-indirect competition
-product use |
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Definition
| the 3 customer perspectives that create a unique set of competitors |
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Term
-First, companies can evaluate their own strategies against competitors and make adjustments.
-Second, competitor analysis can identify new opportunities and/or threats. It is always possible to learn from competitors. |
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Definition
| Competitor analysis yields two primary benefits. |
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Term
-strategies,
-resources,
-culture,
-objectives,
-strengths/weaknesses |
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Definition
| The five specific areas of focus in a competitor analysis are: |
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Term
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Definition
| An important management tool called (BLANK) enables a company to evaluate its business processes against other companies to determine what it does well and what it can improve. |
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Term
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Definition
| Placing the customer at the core of all aspects of the enterprise. |
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Term
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Definition
| A reactive marketing strategy that uses competitor analysis as its primary driver. |
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Term
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Definition
| When a market is controlled by a single company offering one set of products |
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Term
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Definition
| When a market is controlled by more than e company in an industry that is either standardized differentiated. |
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Term
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Definition
| When there are many companies offering unique products in different market segments. |
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Term
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Definition
| When there are many companies offering essentially the same product in the market. |
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Term
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Definition
| A complex logistics network characterized by high levels of coordination and integration among its members. |
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Term
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Definition
| Competing firms that produce products considered very close substitutes for those of other firms’ current products and services. |
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Term
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Definition
| Competing firms that offer products that may be substituted based on the customer’s need and choice options. |
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Term
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Definition
| When a firm that operates in closely related markets expands into new markets to compete more directly. |
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Term
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Definition
| When a firm leverages its existing expertise (technical product experience or supply chain) to create new products for existing or new markets. |
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Term
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Definition
| When a firm merges operations back up the supply chain away from the consumer. (McDonald's owning their own farms in Russia) |
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Term
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Definition
| When a firm moves its operations more toward the end user. (i.e. Apple Stores) |
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Term
| competitive scenario analysis |
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Definition
| Analyzing competitors using various scenarios to predict competitor behavior. |
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