Question 1

business strategy

Accepted Answer

a leadership plan that achieves a specific set of goals or objectives 例）Decreasing costs, Attracting new customers, Increasing customer loyalty, Increasing sales, Developing new products or services, Entering new markets.

Question 2

competitive advantage

Accepted Answer

a feature of a product or service on which customers place a greater value than they do on similar offerings from competitors.

Question 3

first-mover advantage

Accepted Answer

An organization can significantly impact its market share by being first to market with a competitive advantage. 例）ipod

Question 4

Competitive intelligence

Accepted Answer

The process of gathering information about the competitive environment, including competitors' plans, activities, and products, to improve a company's ability to succeed.

Question 5

Managers use three common tools to analyze competitive intelligence and develop competitive advantages including:

Accepted Answer

The Five Forces Model (for evaluating industry attractiveness). The three generic strategies (for choosing a business focus). Value chain analysis (for executing business strategies).

Question 6

Describe Porter's Five Forces Model and explain each of the five forces.

Accepted Answer

Knowledgeable customers can force down prices by pitting rivals against each other. Influential suppliers can drive down profits by charging higher prices for supplies. Competition can steal customers. New market entrants can steal potential investment capital. Substitute products can steal customers.

Question 7

Demonstrate how a company can add value by using Porter's value chain analysis. Primary value activities and support value activities​.

Accepted Answer

Primary value activities 1. Inbound logistics: acquires raw materials and resources and distributes to manufacturing as required. 2. Operations: transforms raw materials or inputs into goods and services. 3. Outbound logistics: distributes goods and services to customers. 4. Marketing and sales: promotes, prices, and sells products to customers. 5. Service: Provides customer support after the sale of goods and services. support value activities Firm infrastructure: includes the company format or departmental structures, environment, and systems. Human resource management: provides employee training, hiring, and compensation. Technology development: applies MIS to processes to add value. Procurement: purchases inputs such as raw materials, resources, equipment, and supplies.

Question 8

Supplier power

Accepted Answer

The suppliers' ability to influence the prices they charge for supplies (including materials, labor, and services). Factors used to appraise supplier power include number of suppliers, size of suppliers, uniqueness of services, and availability of substitute products. If supplier power is high, the supplier can influence the industry by: Charging higher prices. Limiting quality or services. Shifting costs to industry participants.

Question 9

Buyer power Ways to reduce buyer power

Accepted Answer

the ability of buyers to affect the price they must pay for an item. Factors used to assess buyer power include number of customers, their sensitivity to price, size of orders, differences between competitors, and availability of substitute products. If buyer power is high, customers can force a company and its competitors to compete on price, which typically drives prices down. One way to reduce buyer power is by manipulating switching costs, costs that make customers reluctant to switch to another product or service. 例）自分の専属医はなかなか変えたくない。 Companies can also reduce buyer power with loyalty programs, which reward customers based on their spending. 例）航空会社

Question 10

entry barrier

Accepted Answer

A feature of a product or service that customers have come to expect and entering competitors must offer the same for survival. 例）銀行

Brainscape's Knowledge GenomeTM

Chapter 2 Identifying Competitive Advantages Flashcards

Brainscape's Knowledge Genome^TM