bone cc Flashcards
(64 cards)
Competitive advantage is static and
does not require ongoing efforts to
adapt to market changes
f
Innovation is essential for
maintaining a competitive edge in
the ever-evolving marke
t
Exceling over others in the market
does not necessarily involve
creating and maintaining a
competitive advantage.
f
Competitors do not need to
improve and innovate their services
and products to stay relevant and
successful in the market.
f
Competitive Analysis is a strategy
that involves researching major
competitors to gain insight into
their products, sales, and marketing
tactics.
t
Identifying your business strengths
and weaknesses - recognizing its
own strengths and weaknesses
t
Assessing and Identifying
Competitors, understanding who
your competitors are, what they
offer, and their market positioning
do not help you make more
informed strategic decisions.
f
Staying innovative is not a key
element of maintaining a
competitive advantage in the
business world.
f
In essence, competitive advantage
is about doing what you do best,
better than anyone else, and
continually innovating to maintain
that edge in the ever-evolving
market.
t
Competitor is a person, company,
team or entity that competes
against another entity or a person
t
Refers to the various elements and
aspects that can vary or differ from
one business to another.
- Differing factor
Refers to an assessment of your
competitor’s strengths and
weaknesses. This type of analysis
helps you determine how your
competitors compare to your own
business.
- Competitive analysis
It signifies the degree of
competitiveness, regulatory
hurdles, and barriers to entry that
can make it challenging for
companies to thrive or succeed.
- Market difficulty
. The proximity of competitors in
relation to their similarity and
competitiveness within a particular
market or industry.
- Close or Distant competitors
Refer to the varying levels of
competitiveness and capabilities of
businesses or organizations in a
given market.
- Strong or weak competitors
In business context, this typically
refers to the magnitude or
dimensions of a company, often
measured by criteria such as
revenue, assets, or market share.
- Size
Is the approach a business takes to
set the prices of its products or
services. It involves considering
factors such as production costs,
market demand, competition, and
perceived value
- Pricing strategy
Refers to the standing or rank of a
company or its products in relation
to its competitors within a specific
market. It is determined by factors
such as brand perception, product
quality, pricing, and market share
- Market position
Is a broader classification that
encompasses a group of related
industries. These are often defined
by common characteristics or
attributes
- Sector
Refers to a group of businesses or
companies that are involved in
similar or related economic
activities, producing goods or
services that are close substitutes
for each other.
- Industry
The ability to make your company
stand out from its competitors.
- Competitive Positioning
The brand that holds the top
position in the market it operates
in.
- Market Leader
They want to aggressively steal
market share from the market
leader, and invest time and money
into finding differentiators and
creating marketing programs that
enable the brand to exploit
opportunities whenever they arise.
- Market Challenger
The challenger seeks to match the
market leader across all product
lines, targeting the leader’s
strengths, not weaknesses.
- Frontal Attack
