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SHEESH my own > 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
Q

A firm in an industry with the largest market share is a

A

MARKET LEADERS

26
Q

runner-up firm that fights hard to increase its market share
in an industry without rocking the boat

A

MARKET CHALLENGER

27
Q

AS A MARKET CHALLENGER, directly confront the market leader by matching or ceeding their offering in various key aspects is an example of _________________

A

FULL FRONTAL ATTACK

28
Q

As a market challenger, the challenger targets them through alternative methods and
approaches is the definition of ___________

A

INDIRECT ATTACK

29
Q

A firm that serves small segments that the other firms in an
industry overlook or ignore

A

MARKET NICHERS

30
Q

AS A MARKET NICHER, - focusing on a specific subset within in a larger market is an example of ___________

A

SPECIALIZATION

31
Q

As a market nicher, to target two or more distinct market niches with
separate offerings or services is an example of ______________

A

MULTIPLE NICHING

32
Q

A company must establish who is purchasing from the
company and how it can cater to its __________

A

TARGET MARKET

33
Q

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

A

COMPETITIVE ANALYSIS

34
Q

Identifying your competitor’s ________ and ____ will provide you
with viable strategy ideas to try on your target market.

A

OBJECTIVES AND STRATEGIES

35
Q

6 other factors to consider in establishing a competitive advantage

A
  1. PRICE
  2. FINANCIAL RESOURCES
  3. OPERATIONAL EFFICIENCIES
  4. PRODUCT LINE BREADTH
  5. STRATEGIC PARTNERSHIPS
  6. COMPANY MORALE/PERSONNEL
36
Q

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,

A

Design, Process, an improvement, or physical invention

37
Q

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

A

Technology and software

38
Q

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.

A

better or more cheaply than its rivals

39
Q

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.

A

generate more sales or superior margins

40
Q

Copyright provides authors and creators of original material the
exclusive right to _____, _____, or ____ their material.

A

use, copy, or duplicate

41
Q

A trademark is a ___, ____, or ______ that is recognizable and
represents a product that legally separates it from other products.

A

symbol, phrase, or insignia

42
Q

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 _________.

A

name, trademark, proprietary knowledge, and processes

43
Q

A company must be clear what ________` their product or service
provides. It must offer real value and generate interest

A

Benefit(s)

44
Q

A company must establish who is purchasing from the company and how it can cater to its __________

A

TARGET MARKET

45
Q

It is Important for a company to understand other ___________in
the_________________.

A

COMPETITORS
COMPETITIVE LANDSCAPE

46
Q

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.

A

OVERALL COST LEADERSHIP

47
Q

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.

A

cost leadership strategy

48
Q

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.

A

economies of scale
produce products at a cost lower

49
Q

This Basic Competitive Strategy aims to concrete in differentiated product line and marketing program

A

DIFFERENTIATION

50
Q

In ____________, a company’s products or services are _______________from that of its competitors

A

DIFFERENTIATION
DIFFERENTIATED

51
Q

DIFFERENTIATION can be done by delivering ___________ or ____________ to customers or innovating products or services.

A

high-quality products or
services

52
Q

If a company is able to differentiate successfully, the company would then be able to set a ________________on its products or services

A

premium price

53
Q

This Basic Competitive Strategy aims to serve a few market segments well rather than the whole market

A

FOCUS

54
Q

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.

A

FOCUS

55
Q

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.

A

narrow target market segment

56
Q

This Basic Competitive Strategy aims to concentrate on developing and offering a unique
product or services that stand out from competitors

A

DIFFERENTIATION FOCUS

57
Q

Overall Cost leadership aims to achieve the ________________ and _________
In this strategy, the objective is to become the ________________

A

lowest production
distribution costs
lowest-cost producer.

58
Q
A

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