Management 350 Chapter 7

Réussis tes devoirs et examens dès maintenant avec Quizwiz!

The _______ stage in the industry life cycle is where firms' sales and profits begin a falling trend.

decline

__________________ is the extent to which a product or service is like another.

degree of similarity

An imitative strategy is an overall strategic approach in which _____________________.

an entrepreneur does more or less what others are already doing

________________ is a strategy based on creating a new product or service which has no competitors.

blue ocean strategy

A ______________ is a way to think about the line of distribution of a product from its start as raw materials to the finished goods into the hands of customers.

business supply chain

A firm's __________ is the particular way it implements customer benefits that keeps the business ahead of others in the industry.

competitive advantage

A ___________ is any other business in the same industry as yours.

competitor

An __________ is an opportunity that makes it possible for a new business to gain a foothold in a market.

entry wedge

A ___________ strategy is a generic strategy that targets a portion of the market.

focus

_________ is what is left after deducting the cost of goods sold.

gross profit

The ________ stage of the industry life cycle is where customer purchases increase at a dramatic rate.

growth

______________________ is an overall strategic approach in which a firm patterns itself on other firms, with the exception of one of two key areas.

incremental innovation

The ______________ is the general name for the line of product or service being sold or the firms in that line of business.

industry

_____________ is a research process that provides an entrepreneur with key information about the industry, such as its current situation and trends.

industry analysis

______________ are changes in competitors, sales, and profits in an industry over time.

industry dynamics

A _________ strategy is an overall strategic approach in which a firm seeks to do something that is very difficult from what others in the industry are doing.

innovative

The ______________ is the post tax income an entrepreneur personally seeks from a business.

magic number

A __________ is the business term for the population of customers for the business' product or service.

market

__________ is the actions of a business related to promoting and selling products or services.

marketing

A ___________ market is a customer group that involves large portions of the population.

mass

The ____________ stage of the industry life cycle is the third stage, which is marked by a stabilization of demand, with firms in the industry moving to stabilize or improve profits through cost strategies.

maturity

______________ is the money left after operating expenses are deducted from a business.

net profit

A __________ market is a narrowly defined segment of the population that is likely to share interests or concerns.

niche

__________ competition is an imitative business that competes locally with others in the same industry.

parallel

_____________ is the process of creating new products or services, which result in a previously unseen product or service.

pure innovation

The ___________ stage of the industry life cycle is when established firms must find new approaches to improve the business and its chances for survival.

retrenchment

The ____________ is a characteristic of a market that describes the market's size.

scale

A characteristic of a market that defines the geographic range covered by the market, from local to global is called the _________.

scope

_________ actions are competitive responses requiring a major commitment of resources.

strategic

______________ are competitive responses with low resource requirements.

tactical actions

A company's ____________ is its unique selling points that customers can expect when they purchase its goods or services.

value proposition

The __________ strategy is one of three generic strategies that is aimed at clarifying how one product is unlike another in a mass market.

differentiation


Ensembles d'études connexes

Chapter 14: Key Terms and Vocabulary

View Set

SimpleTabuSearch&SimulatedAnnealingAlgorithm

View Set

Soci. Ch 9 knowledge checks and quiz Sage Vantage

View Set

Payroll Accounting terms for final study guide acct 2513

View Set

Mots commençant par N (français-espagnol)

View Set