The Industry Flashcards
INDUSTRY
COLLECTION OF COMPETITORS THAT HAS SIMILAR PRODUCTS AND SERVICES AS YOU
INDUSTRY ANALYSIS
provides information from which a business owner can create a long-term strategy to minimize risks and to take advantage of growth opportunities.
INDUSTRY ANALYSIS helps them to focus their resources on developing unique capabilities which can help them to gain a competitive advantage.
TRUE
DEVELOPER OF PORTER’S 5 FORCES
MICHAEL PORTER
PORTER
Rivalry among Existing Competitors
THE NUMBER AND STRENGTHS OF YOUR COMPETITORS
PORTER
Threats of Substitutes
The extent to which different products and services can be used in place of your own.
PORTER
Threat of New Entrants
The ease with which new competitors can enter the market
Your position can’t be affected by potential rivals’ ability to enter your market.
FALSE
PORTER
Bargaining Power of Supplier
The ability of suppliers to drive up the prices of your inputs and raw materials.
PORTER
The strength of your customers to drive down your prices.
BARGAINING POWER OF BUYERS
COMPETITOR ANALYSIS
Offers a detailed profile of EACH competitor and an analysis of marketing strategies that can be used to counter-position your company to improve market share or profitability.
BUSINESS-SUPPLIER RELATIONSHIP
BARGAINING POWER OF SUPP
BUSINESS-BUYERS RELATIONSHIP
BARGAINING POWER OF BUYERS
STEPS IN CREATING A COMPET ANALY 1
- Create a list of your current and future competitors
STEPS IN CREATING A COMPET ANALY 2
- Gather data and information about your competitors
