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chapter 5 M
Terms in this set (14)
The pressure that a supplier or buyer can exert on a company.
Obstacles a firm may face while trying to enter a market or an industry.
Barriers to entry
A strategy that aims to provide a product or service at as low a price as possible to a broad audience.
A strategy in which a firm seeks to be unique in its industry along a dimension or a group of dimensions that are valued by consumers.
Cost savings achieved when the volume of a product produced by a firm enables it to reduce per unit costs.
Economies of scale
A competitive advantage that occurs when a firm is first to offer desirable products or services that secure customer loyalty.
A strategy in which a company "focuses" its sales efforts on a specific geographical region, a specific group of purchasers, or a specific product type.
The activities involved in the physical creation of the product and its sale and transfer to the buyer.
A theory that a firm can develop a competitive advantage through the collection and harvesting of resources.
Resource-based view of the firm
The capability to identify and react to changes in the external environment and to mobilize internal resources to deal with those changes.
Activities that provide the support necessary for the primary activities to occur.
A tool that allows managers to take a snapshot of their firm's internal strengths and weaknesses as well as the opportunities and threats that are evident in the external environment.
The amount consumers are willing to pay for a product or service. It comes from offering a lower price than that of competitors or providing a unique product whose benefits outweigh a higher potential cost.
A systematic way of examining all of the activities a firm performs and determining how they interact to form a source of competitive advantage.
Value chain analysis
THIS SET IS OFTEN IN FOLDERS WITH...
Chapter 1 M
Chapter 2 M
Chapter 3 M
Chapter 4 M
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