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Technopreneurship > Group 5: Creating Competitive Advantage > Flashcards

Group 5: Creating Competitive Advantage Flashcards

1
Q

This refers to certain factors that allow a company to produce products and services cheaper and with a higher quality than its rivaling companies.

A

Competitive Advantage

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2
Q

To be able to create effective marketing
strategies, a company needs constant analysis of
their existing and potential competitors that
includes their prices, strategies, promotions,
offers, and many more.

A

Competitor Analysis

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3
Q

Competitor Analysis

A

-identifying competitors
-assessing competitors
-selecting competitors to attack and avoid

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4
Q

plays a major role in keeping your company competitive in
the market

A

identifying competitors

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5
Q

Identifying competitors from:

A
  1. Industry POV
  2. Market POV
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6
Q

Competitors have the target market but
differ in products/services that they offer.

A

Market POV

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6
Q

Competitors have the same product/service
and target market inside the same category

A

Industry POV

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7
Q

Types of Competitors

A

-Direct
-Indirect
-Replacement

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8
Q

This type of competitor offers the same products/services as your business.

A

Direct Competitors

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9
Q

This type of competitor inclined with your category but offers different products/services to solve the same problem.

A

Indirect Competitors

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10
Q

This type of competitor offers alternatives products/services from you offer to solve the same problem

A

Replacement Competitors

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11
Q

Ways to Identify Competitors

A
  1. Market research
  2. Keyword research
  3. Analysing google search (product/service + location)
  4. Monitoring social media conversations
  5. Customer feedbacks
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12
Q

a company can identify its strengths and weaknesses relative to its rivals, and develop strategies to improve its competitive position.

A

Assessing competitors

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13
Q

The company wants to
know the relative importance that a
competitor places on current
profitability, market share growth, cash
flow, technological leadership, service
leadership, and other goals.

A

Competitor’s Objectives

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14
Q

The company needs to look at all the
dimensions that identify strategic
groups within the industry.

A

Competitor’s Strategies

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15
Q

As a first step, companies can gather data on
each competitor’s goals, strategies, and
performance over the past year.

A

Competitor’s Strengths &
Weaknesses

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16
Q

The company needs to look at all the dimensions
that identify strategic groups within the industry
company wants to know: What will our
competitors do?

A

Estimating Competitor’s
Reactions

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17
Q

The key to gaining competitive
advantage is to examine how a
company’s offer compares to that
of its major competitors in each
customer segment.

A

Customer Value Analysis

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18
Q

plays by the rules in the
industry.

A

Good Competitor

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19
Q

try to buy shares rather than
earn, take large risks, and play by their own rules.

A

Bad Competitor

20
Q

make the competition
irrelevant

A

Blue-Ocean Strategy

21
Q

beat the competition

A

Red-Ocean Strategy

22
Q

Having identified and evaluated its major
competitors, a company now must design broad
marketing strategies by which it can gain
competitive advantage.

A

Competitive
Strategies

23
Q

refers to a unique advantage that a
company has over its competitors, which
enables it to outperform them over a long
period of time.

A

sustainable competitive advantage

24
Q

company works hard to achieve the
lowest production and distribution
costs.

A

Overall Cost
Leadership

25
Q

The Cost Leadership strategy
can be implemented in various
ways

A

1 EFFICIENT OPERATIONS
2 ECONOMIES OF SCALE
3 LOW-COST INPUTS
4 COST-EFFECTIVE MARKETING
5 MINIMAL PRODUCT FEATURES

26
Q

company concentrates on creating a
highly differentiated product line and
marketing program so that it comes across
as the class leader in the industry.

A

Differentiation

27
Q

The Differentiation strategy can
be implemented by

A

1 MARKET RESEARCH
2 INNOVATION AND DEVELOPMENT
3 ESTABLISHING BRAND
REPUTATION

28
Q

A company focuses its effort on
serving a few market segments well
rather than going after the whole
market.

A

Focus

29
Q

A company aims to become the
lowest-cost producer in a specific
market or industry segment.

A

COST FOCUS

30
Q

A company aims to differentiate its
products or services from competitors
in a particular market or industry
segment.

A

DIFFERENTIATION FOCUS

31
Q

The __________ allows
businesses to:
Achieve higher profit margins by serving a
specific niche or target market with a unique
and targeted product or service offering.

Develop a deep understanding of the target market’s needs
and preferences, which can help them create more
effective marketing campaigns and build stronger
customer relationships.

Build a reputation as a specialist in a particular market or
industry segment, which can lead to greater customer
loyalty and repeat business.

A

Focus strategy

32
Q

concept that describes a business strategy
that tries to achieve both low cost and
differentiation at the same time but fails to
excel in either of them.

A

Middle-of-the-roaders

33
Q

framework for businesses to gain a
competitive advantage in their industry by identifying
their core strengths and leveraging them in a way
that is most appealing to their target customers.

A

Treacy and Wiersema’s competitive marketing
strategies

34
Q

The company provides superior
value by leading its industry in price
and convenience.

A

Operational
Excellence

35
Q

The company provides superior
value by offering a continuous
stream of leading-edge products or
services.

A

Product
Leadership

36
Q

The company provides superior
value by precisely segmenting its
markets and tailoring its products
or services to exactly match the
needs of targeted customers.

A

Customer
Intimacy

37
Q

a marketing
strategy that refers to how a marketing
team can differentiate a company from its
competitors.

A

Competitive positioning

38
Q

a marketing
strategy that refers to how a marketing
team can differentiate a company from its
competitors.

A

Competitive positioning

39
Q

DIFFERENT COMPETITIVE POSITIONS

A

MARKET LEADER
Market Challenger
Market Follower
Market Nicher

40
Q

Market Leader
Strategies

A

EXPAND TOTAL DEMAND
PROTECT THEIR CURRENT MARKET
EXPAND MARKET SHARE

41
Q

Market Challenger
Strategies

A

FULL FRONTAL ATTACK
INDIRECT ATTACK

42
Q

By challenging the market leader and other
competitors in an aggressive bid for more market
share (market challengers)

A

FULL FRONTAL ATTACK

43
Q

By carving out toeholds using tactics that
established leaders have trouble responding to or
choose to ignore.

A

INDIRECT ATTACK

44
Q

Market Nicher
Strategies

A

BY SPECIALIZING IN SERVING ONE
TYPE OF NICHE SUCH AS
CUSTOMER, MARKET, QUALITYPRICE,
SERVICE.

MULTIPLE NICHING

45
Q

A _______ prioritizes the needs and
wants of its customers above all else.

A

customer-oriented company

46
Q

A _______ prioritizes the needs and
wants of its customers above all else.

A

customer-oriented company

47
Q

a _________ is primarily focused on beating
its rivals, often at the expense of customer satisfaction.

A

competitor-oriented company

48
Q

aims to find a balance between customer and
competitor orientations.

A

market-oriented
company

Technopreneurship (9 decks)

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