Business Driven Tech Ch.2: Identifying Competitive Advantages
Entry barrier
A feature of a product or service that customers have come to expect and entering competitors must offer the same for survival
Five Forces Model
A framework that identifies five forces that determine the profit potential of an industry and shape a firm's competitive strategy.
product differentiation
Occurs when a company develops unique differences in its products or services with the intent to influence demand
SWOT
Strength, Weakness, Opportunities, Threats (evaluates project position)
Supplier Power
The suppliers' ability to influence the prices they charge for supplies.
Three Generic Strategies
chooses business focus
supply chain
consists of all parties involved, directly or indirectly, in obtaining raw materials or a product
switching costs
costs that make customers reluctant to switch to another product or service
Value Chain Analysis
executes business strategy
Buyer Power
the ability of buyers to affect the price they must pay for an item