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FBT > Chapter 9 > Flashcards

Chapter 9 Flashcards

1
Q

What is the competitive advantage?

A

an advantage over competitors gained by offering consumers greater value, either by means of lower prices or by providing greater benefits and services that justifies higher prices

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2
Q

What are Porter’s 5 forces for new entrants and buyers?

A

1) Threats of new entrants
2) Power of suppliers
3) Threat of subsitutes
4) Power of buyer’s
5) Competitive rivarly

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3
Q

What is porter’s take on threats to new entrants?

A

How easy it is for new companies to enter a market
Depends on no. of barriers they face (economy of scale, brands, initial cap requirements, restricted access, government policy)

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4
Q

What is porter’s take on power of buyers?

A

Effected by: No of buyers in market, proportion of purchases made by customers, quality and knowledge of customer

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5
Q

what is porter’s take on power suppliers?

A

Switching costs, number of suppliers, specialists or differentiated the product is

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6
Q

What is porter’s take in threat of subsitutes?

A

another product can be used to satisfy customer needs

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7
Q

What is competitive rivarly?

A

Number and strength of competitors
Rate of growth (expansion decreasing and stable increase)
high fixed costs company cuts costs

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8
Q

What are generic strategies?

A

Used to consider different approaches to acheiving a sustainable competitive adv. ( cost leadership and differentiation)

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9
Q

What is cost leadership?

A

Aim is to produce a standard product or a standard service and provide it at the lowest cost in the industry
Produce same quality just less to make

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10
Q

What does a lower selling price cause?

A

Barrier to entry

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11
Q

What if a company sells at the same price?

A

Higher profit

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12
Q

What if a defence against price works?

A

Bigger margin when price reduces

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13
Q

What is it when company’s differentiate?

A

Higher quality, more service features, better service, better brand

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14
Q

what happens if a company differentiates?

A

Higher selling price, customer loyalty, give something different

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15
Q

What is porter’s value chain?

A

Helps an organisation understand it’s strategic capabilities by identifying and analysing value adding activities

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16
Q

What are the 4 support activities?

A

1) Firm infrastructure
2) Technology development
3) Human resource management
4) Procurement

17
Q

What are the 5 primary activities?

A

1) Inbound logistics
2) Operations
3) outbound logistics
4) marketing and sales
5) service

18
Q

What are inbound logistics?

A

All the activities concerned with the reciepts, storage and distribution of the product inputs e.g., of cars - stored in a way they are not damaged

19
Q

What are operations?

A

Turns the inputs into outputs e.g., assembly of the vehicles

20
Q

What are outbound logistics?

A

Conerns the storage and delivery of the product to customers

21
Q

What are marketing and sales?

A

Activities conerned with marketing the customers aware of the product

22
Q

What is service?

A

After sale - installation, training, after sale care

23
Q

What are support activities?

A

Process of acquiring resources of all other aspects of the value chain
Buying side, dealing with suppliers e.g., selecting high quality suppliers, building relationships

24
Q

What is human resource management?

A

Recruitment, training, managing, anything to do with staff

25
Q

What is technology development?

A

Technology involved in product itself or through chain e.g., music system, manufacturing technology

26
Q

What is firm infrastructure?

A

Finance, legal, quality, control, culture, board

27
Q

What is the corporate analysis?

A

SWOT - Stengths, weaknesses, opportunity, threats

28
Q

What are threats focussing on weaknesses?

A

normally top priority, not fully automating production line (weakness), increase in min wage (threat)

29
Q

What is the strategy with threats focussing on weaknesses?

A

Increase automation

30
Q

What are threats focussing on weaknesses?

A

Good relationship with current government (strength), election uncertainty (threat)

31
Q

What is the strategy with threats focussing on weaknesses?

A

assess/build relationships with opposition

32
Q

What are the opportunity focussing on strengths?

A

good at product development delivery (strength)

Opportunity to develop new product

33
Q

What is the strategy with opportunity focussing on strength?

A

get product to market before competitors

34
Q

What is opportunity focussing on weakness?

A

Opportunity to enter new market

No rights to enter new market (weakness)

35
Q

What is the strategy with opportunity focussing on weakness?

A

Develop local joint venture

FBT (24 decks)

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