MIDTERM Flashcards
.Identifies competitors and understand competitor’s strengths and weaknesses in relation to
yours
Competitor analysis
An organization uses these to develop and deliver their products and services
Internal processes
Known as 80-20 rule
Pareto principle
4.It is how the business sells its products and services.
Distribution channels
Methods the company uses to promote and sell its products and services.(
Marketing Strategy
Used to measure themselves against internal or external standards
Benchmarking
Secondary sources regarding information about the competitors. Enumerate alphabetically
Advertising
Articles
Reference books and databases
Sales brochure
SWOT means
Strengths
Weaknesses
Opportunities
Threats
.This section provides a general profile of the company in question and might include information
such as when the company was formed, how many employees it has etc
Company
profile
The proportion of market controlled by the company
Market share
This section highlights the basis of profits
Key competitive advantage
Used to refer to our current post-industrial era, given that practically all of the world’s most
valuable enterprises receive a significant percentage of their value from the strength of their networks
Network economy
A method you use to connect your offerings with your customers and users.
channel
The customer’s perceived portrayal of a business’s offerings.
brand
Ensure and enhance a product’s or service’s utility and value.
service innovations
Refers to improvement and modifications you perform to guarantee that your products function
together with other complimentary ones in a way that provides greater value than the product alone
could
Product system innovation
Focuses on an enterprise’s core product or service
offering
Businesses plot how to charge more for their products than their competitors do
premium pricing
Means creative solutions to real problems from study and experimentation can actually be
implemented.
innovation
5 Categories of Competitors
Direct
Future
Indirect
Potential
Replacement
The application of scientific knowledge for practical purposes especially in the industry
Technology
This covers pretty much everything from your organizational design, competencies and assets,
incentives and management structures, all the way to knowledge management.
structure
Involves himself in technological changes in producing goods and services for his organization
technopreneur
From the Latin verb _____, means “to renew”
innovare
Those who see a new technology development and understand how it can be applied to meet a market need
innovator
Those who develop a unique technology capable of driving a new business
Technology developers
.Used to ascertain the most salient aspects of a market and its structure at a certain point in
time.
market analysis
Works for an organization but given the task of starting new ventures(
intrapreneur
It is a process of merging technology prowess and entrepreneurial talent and skills(
technological entrepreneurship
The process of creating something with new value
entrepreneurship
Means “to enter”(
entre
A technique that identifies industry best practices followed by setting goals to implement
action to achieve goal or overtake competitors
benchmarking
Means “to undertake”(
entreprendre
A cross between managers and entrepreneurs(
intrapreneur
Foundation on which everything else in your business is built
sales unit
.The practice of embarking on a new business or reviving an existing business by pooling together
a bunch of resources in order to exploit new found opportunities
entrepreneurship
An innovator or developer who recognizes and seizes opportunities and converts these
opportunities into workable/marketable ideas
entrepreneur
An individual or business that purchases another company’s goods or services
customer
May not be the one who purchased, but the end-user
consumer
Motive of buying is for consumption only
consumer
The one who purchases the product
customer
It is simply entrepreneurship in a technology intensive context
technological entrepreneurship
A key contributor to a company’s cash flow
discount customers
Typically receptive to recommendations on products
impulse customers
Best customers to upsell to and the second most attractive segment to focus on
Impulse customers
.Important to solicit their feedback and involve them in a company’s decision-making process
Loyal customers
Customers that make up a minority of the customer base but generate a large portion of
sales
loyal customers
It acts as a new breed in the field of entrepreneurship
technopreneurship
The degree of assistance and courtesy granted those who patronize a business
customer service
Provides the customers with a series of services in order to make cost-effective choices and
appropriate use of a product
customer support
The most pared down version of a product that can still be released
minimum viable product
Means “nerve center
neur
By studying how your competitors are perceived, you can draw conclusions about your own
brand’s strengths and weaknesses TF
T
The 80-20 rule states that 80% of the causes result to 20% of the outcomes T/F
F
The more that one firm’s strategy resembles another firm’s strategy, the more the two firms
compete T/F
T
Companies normally learn about their competitors’ strengths and weaknesses through secondary
data, personal experience, and word of mouth. T/F
T
Companies normally learn about their competitors’ strengths and weaknesses through secondary
data, personal experience, and word of mouth T/F
T
Competitors may share the costs of market and product development and help legitimize new
technologies T/F
T
Competitive intelligence systems help decision makers identify opportunities to improve the
company or organization’s strategic position among competitors, customers, and suppliers T/F
T
Companies have long engaged in head-to-head competition in search of profitable growth. T/F
T
Most companies will compete with distant competitors—those that resemble them most—rather
than close competitors T/F
F
Shopping malls, department stores, retail stores are examples of this
Physical (market)
In this type of market, The buyers try to top each other for the purchase price. The items up for sale
end up going to the highest bidder
Auction
