MGT 101 Lecture Notes - Switching Barriers, Brand Loyalty, Business Analysis

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kimberly-servande

29 Jun 2022

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Document Summary

Lecture 1 strategy: michael porter, strategy is about setting yourself apart from the competition. Size of competitors: threat of new entry. Available trade-off substitutes; not direct competitors: ex: ben-hur vs. war dogs. Movie vs. quiet night out: supplier power. Pressure can be on price or quality. Buyer concentration: pest/swot analysis, used to optimize strategic planning efforts, marketing plans, new product launches, alternative revenue streams, pivoting/changing markets, and decision making, pest external business environment. Laws, regulations, and legislation that may influence your business either immediately or in the future. Taxes, interest rates, inflation, supply and demand trends, and consumer confidence all need to be considered. The change in lifestyle, buying trends, media, major events, ethics, age distribution, advertising, and publicity factors. Innovations, access to technology, licensing and patents, manufacturing, research funding, and global communications: swot internal business analysis. Leading product or service in the sector. Use strengths to take advantage of opportunities. Take advantage of opportunities by overcoming weaknesses.

Related Questions

Which of the following is not one of the competitive forces in Porter's model?

A) Other competitors

B) External environment

C) Suppliers

D) New market entrants

E) Customers

apricotyak204

A competitive strategy of striving to be the low-cost provider is particularly attractive when:

A) buyers are not price sensitive.

B) the industry is made up of a large number or equal-sized rivals.

C) there are many ways to achieve product differentiation that have value to buyers.

D) price competition is especially vigorous, buyers have low switching costs, and the majority of industry sales are made to a few, large volume buyers.

E) switching costs are high, price competition is strong, and buyers tend to use the industry's products in many different ways.