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