Chapter 2 Flashcards
___ are costs that make customers reluctant to switch to another product or service
Switching costs
___ is high when there are many alternatives to a product or service and low when there are few alternatives from which to choose.
Threat of substitute products or services
__ advantage features a product or service on which customers place a greater value than they do on similar offerings from competitors
Competitive
Identifying competitive advantages can be difficult and explains why they are typically __
Temporary
__ views a firm as a series of business processes that each add value to the product or service
Value chain analysis
__ is the suppliers ability to influence the prices they charge for suppliers (including materials, labor, and services)
Supplier power
Which of the following executes the business strategy?
Value chain analysis
__ is the standard set of activities that accomplish a specific task
Business process
What evaluates a project’s position?
SWOT analysis
__ consists of all parties involved directly or indirectly, in obtaining raw materials or a product
Supply chain
__ are costs that make customers reluctant to switch to another product or service
Switching costs
___ is high when there are many alternatives to a product or service and low when there are few alternatives from which to choose
Threat of substitute products or services
What is included in the value chain
Operations, inbound activities, service 1
__ is a standardized set of activities that accomplishes a specific task
Business process
Strengths would be categorized as __ in a typical SWOT analysis
Internal, helpful
What are porters 5 forces
Buyer power, supplier power, threat of substitute products/ services, threat of new entrants, and rivalry amongst existing competitors
Imbound logistics
Acquires raw materials and resources and distributes
Operations
Transforms raw materials or inputs 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
Buyer power
Ability of buyers to affect the price of an item
Switching cost
Cost that make customers want to switch (internet, cell phones)
Loyalty program
Rewards customers based on the amount of business they do with an organization (rewards customers for how much they spend)
