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COMPUTER ENGINEERING 3RD YEAR - BISU > CREATING COMPETITIVE ADVANTAGE > Flashcards

CREATING COMPETITIVE ADVANTAGE Flashcards

1
Q

Refers to factors that allow a company to produce goods or services better or more cheaply than its rivals.

These factors allow the productive entity to generate more sales or superior margins compared to its market
rivals.

A

Competitive Advantage

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2
Q

➢Competitive Advantage is attributed to a variety of factors including these 6.

A
  1. Cost Structure
  2. Branding
  3. Quality of Product Offerings
  4. Distribution Network
  5. Intellectual Property
  6. Customer Service
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3
Q

5 TYPES OF INTELLECTUAL PROPERTY

A
  1. PATENTS
  2. COPYRIGHTS
  3. TRADEMARKS
  4. FRANCHISES
  5. TRADE SECRETS
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4
Q

allows the inventor exclusive rights to the invention, which
could be a design, process, an improvement, or physical invention such
as a machine. Technology and software companies often have patents for
their designs

A

PATENT

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5
Q

provides authors and creators of original material the
exclusive right to use, copy, or duplicate their material.

A

COPYRIGHT

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6
Q

– a symbol, phrase, or insignia that is recognizable and
represents a product that legally separates it from other products.

A

TRADEMARK

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7
Q

A ___________is exclusively assigned to a company, meaning the company
owns the _________ so that no others may use or copy it

A

TRADEMARK

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8
Q

a license that a company, individual, or party, called the
franchisee, purchases allowing them to use a company’s(the franchisor)
name, trademark, proprietary knowledge, and processes

A

FRANCHISE

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9
Q

A company’s process or practice that is not public
information, which provides an economic benefit or advantage to the
company or holder of this.

A

TRADE SECRET

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10
Q

3 components into constructing a competitive advantage

A
  1. BENEFIT
  2. TARGET MARKET
  3. COMPETITORS
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11
Q

To construct a competitive advantage, a company must be able to
detail the benefit that they provide to their target market in ways that _________________

A

other competitors cannot.

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12
Q

strategies that strongly position the company against competitors and
give the company the strongest possible strategic advantage.

A

COMPETITIVE STRATEGIES

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13
Q

3 APPROACHES TO MARKETING STRATEGY

A
  1. ENTERPRENEURIAL MARKETING
  2. FORMULATED MARKETING
  3. ENTREPRENEURIAL MARKETING
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14
Q

by wits; no belief in formal marketing (MS)

A

Entrepreneurial Marketing

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15
Q

development of formal marketing strategies.

A

FORMULATED MARKETING STRATEGIES

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16
Q

4 BASIC COMPETITIVE STRATEGIES AND ITS FORMS

A
  1. overall cost leadership
  2. differentiation
  3. focus
  4. differentiation focus
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17
Q

DEFINE “MIDDLE OF THE ROADERS”

A

Try to be good on all competitive strategies

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18
Q

3 COMPETITIVE POSITION STRATEGIES

A
  1. MARKET LEADER
  2. MARKET CHALLENGER
  3. MARKET NICHER
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19
Q

3 SUB CATEGORIES OF MARKET LEADER

A
  1. EXPAND TOTAL MARKET
  2. PROTECT MARKET SHARE
  3. EXPAND MARKET SHARE
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20
Q

2 SUB CATEGORIES OF MARKET CHALLENGER

A
  1. FULL FRONTAL ATTACK
  2. INDIRECT ATTACK
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21
Q

2 SUB CATEGORIES OF MARKET NICHER

A
  1. NICHER
  2. MULTIPLE NICHING
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22
Q

AS A MARKET LEADER, increasing the overall size of the potential customers means to ______________

COMPPOSITIONSTRATS

A

EXPAND TOTAL MARKET

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23
Q

AS A MARKET LEADER, maintaining their position while preventing competitors from stealing their customers is to ________________

A

PROTECT MARKET SHARE

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24
Q

AS A MARKET LEADER, increasing your business controls by taking more share from competitors is to _______________________

A

EXPAND MARKET SHARE

25
A firm in an industry with the largest market share is a
MARKET LEADERS
26
runner-up firm that fights hard to increase its market share in an industry without rocking the boat
MARKET CHALLENGER
27
AS A MARKET CHALLENGER, directly confront the market leader by matching or ceeding their offering in various key aspects is an example of _________________
FULL FRONTAL ATTACK
28
As a market challenger, the challenger targets them through alternative methods and approaches is the definition of ___________
INDIRECT ATTACK
29
A firm that serves small segments that the other firms in an industry overlook or ignore
MARKET NICHERS
30
AS A MARKET NICHER, - focusing on a specific subset within in a larger market is an example of ___________
SPECIALIZATION
31
As a market nicher, to target two or more distinct market niches with separate offerings or services is an example of ______________
MULTIPLE NICHING
32
A company must establish who is purchasing from the company and how it can cater to its __________
TARGET MARKET
33
a way to identify competitors, and understand competitor's strengths and weaknesses in relation to yours. It helps you gauge how to curb competitors and refine your strategy
COMPETITIVE ANALYSIS
34
Identifying your competitor’s ________ and ____ will provide you with viable strategy ideas to try on your target market.
OBJECTIVES AND STRATEGIES
35
6 other factors to consider in establishing a competitive advantage
1. PRICE 2. FINANCIAL RESOURCES 3. OPERATIONAL EFFICIENCIES 4. PRODUCT LINE BREADTH 5. STRATEGIC PARTNERSHIPS 6. COMPANY MORALE/PERSONNEL
36
A patent allows the inventor exclusive rights to the invention, which could be a ____, ____, ____ or ___ . Technology and software companies often have patents for their designs,
Design, Process, an improvement, or physical invention
37
A patent allows the inventor exclusive rights to the invention, which could be a design, process, an improvement, or physical invention such as a machine. __________ and __________ companies often have patents for their designs
Technology and software
38
Competitive Advantage Refers to factors that allow a company to produce goods or services ______________________. These factors allow the productive entity to generate more sales or superior margins compared to its market rivals.
better or more cheaply than its rivals
39
Competitive Advantage efers to factors that allow a company to produce goods or services better or more cheaply than its rivals. These factors allow the productive entity to ____________ or __________ compared to its market rivals.
generate more sales or superior margins
40
Copyright provides authors and creators of original material the exclusive right to _____, _____, or ____ their material.
use, copy, or duplicate
41
A trademark is a ___, ____, or ______ that is recognizable and represents a product that legally separates it from other products.
symbol, phrase, or insignia
42
A franchise is a license that a company, individual, or party, called the franchisee, purchases allowing them to use a company's(the franchisor) _______, _______, __________ and _________.
name, trademark, proprietary knowledge, and processes
43
A company must be clear what ________` their product or service provides. It must offer real value and generate interest
Benefit(s)
44
A company must establish who is purchasing from the company and how it can cater to its __________
TARGET MARKET
45
It is Important for a company to understand other ___________in the_________________.
COMPETITORS COMPETITIVE LANDSCAPE
46
This Basic Competitive Strategy aims to achieve the lowest production and distribution costs In this strategy, the objective is to become the lowest-cost producer.
OVERALL COST LEADERSHIP
47
In maintaining an overall cost leadership, a company adopting a _____________ would be able to reap profits due to its significant cost advantage over its competitors.
cost leadership strategy
48
If a company is able to utilize ______________ and ______________ than that of its competitors, the company is then able to establish a selling price that is unable to be replicated by other companies.
economies of scale produce products at a cost lower
49
This Basic Competitive Strategy aims to concrete in differentiated product line and marketing program
DIFFERENTIATION
50
In ____________, a company’s products or services are _______________from that of its competitors
DIFFERENTIATION DIFFERENTIATED
51
DIFFERENTIATION can be done by delivering ___________ or ____________ to customers or innovating products or services.
high-quality products or services
52
If a company is able to differentiate successfully, the company would then be able to set a ________________on its products or services
premium price
53
This Basic Competitive Strategy aims to serve a few market segments well rather than the whole market
FOCUS
54
In this strategy, a company focuses on a narrow target market segment. This strategy is successful if the company is able to successfully create products/services that can cater to these customers.
FOCUS
55
In focus, a company focuses on a _____________. This strategy is successful if the company is able to successfully create products/services that can cater to these customers.
narrow target market segment
56
This Basic Competitive Strategy aims to concentrate on developing and offering a unique product or services that stand out from competitors
DIFFERENTIATION FOCUS
57
Overall Cost leadership aims to achieve the ________________ and _________ In this strategy, the objective is to become the ________________
lowest production distribution costs lowest-cost producer.
58

COMPUTER ENGINEERING 3RD YEAR - BISU (25 decks)

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