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ENTR Quiz 2

Chapter 5

TermDefinition
industry analysis - business research that focuses on an industry's potential - the knowledge gained from this analysis helps a firm decide whether to enter an industry and if it can carve out a position in it that will help provide a competitive advantage
environmental and business trends two main components of industry trends that firms should study
environmental trends economic, social, technological advances, political/regulatory changes
business trends other business-related trends that aren't environmental but are important to recognize
Porter's 5 Forces Model framework for understanding the structure of an industry, helps determine industry profitability
threat of new entrants firms try to keep other firms from entering their industries by erecting barriers to entry
barrier to entry a condition that creates a disincentive for a new firm to enter an industry
economies of scale when mass-producing a product results in lower average costs
product differentiation characterized by firms with strong brands
capital requirements the need to invest large amounts of money to gain entrance
cost advantages independent of size entrenched competitors may have cost advantages that are not available to new entrants
access to distribution channels finding space to locate product so it will sell
government and legal barriers patents, trademarks, and copyrights
nontraditional barriers to entry - strength of management team - first-mover advantage - passion of the management team/employees - a unique business model - special internet domain name - inventing a new approach to an industry and executing the approach in an exemplary manner
4 industry-related questions that a firm should after before entering an industry - is it a realistic place for a new venture? - can we do better than the industry in avoiding/diminishing threats? - is there a unique position that avoids/diminishes suppression? - is there a superior business model that can be put in place?
emerging industries new industries in which standard operating procedures have yet to be developed
first-mover advantage an advantage gained by the first company to establish a significant position in a market
fragmented industry characterized by a large number of firms of approximately equal size
geographic roll-up strategy in which one firm starts acquiring similar firms that are locate in different geographic areas
mature industry an industry that is experiencing slow or no increase in demand, has numerous repeat customers, and has limited product innovation
declining industry an industry that is experiencing a reduction in demand
leadership strategy when the firm tries to become the dominant player in the industry
niche strategy focuses on a narrow segment of the industry that might be encouraged to grow through product or process innovation
cost reduction strategy achieving lower costs than industry incumbents through process improvements
global industry an industry that is experiencing significant international sales
multidomestic strategy compete for market share on a country-by-country basis and vary their product or service offerings to meet the demands of the local market
global strategy uses the same basic approach in all foreign markets
competitor analysis - detailed analysis of a firm's competition - helps a firm understand the positions of its major competitors and the opportunities that are available to obtain a competitive advantage in one or more areas
direct competitors businesses that offer products identical or similar to those of the firm completing the analysis
indirect competitors offer close substitutes to the product the firm completing the analysis sells
future competitors not yet direct or indirect competitors but could move into one of these routes at any time
competitive intelligence information that is gathered by a firm to learn about its competitors
ways to ethically obtain information about competitors - attend conferences and trade shows - purchase competitors' products - study competitors' websites - talk to customers
competitive analysis grid - tool for organizing the information a firm collects about its competitors - can help see how a firm stacks up against its competitors - provides ideas for markets to pursue - identifies its primary sources of competitive advantages
Created by: allisonj
 

 



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