Management and Organizational Studies 2320A/B Study Guide - Blue Ocean Strategy, Competitor Analysis, Cost Leadership

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: Angela White

Document Summary

Competitive advantage: an advantage over competitors gained by offering consumers greater value than competitors do. Competitor analysis: the process of identifying key competitors, assessing their objectives, strategies, strengths and weaknesses and reacting patterns and selecting which competitors to attack or avoid. Competitor analysis is the process of identifying, assessing, and selecting key competitors. Competitors can include: all firms making the same product or class of products, all firms making products that supply the same service, all firms competing for the same consumer dollars. A strategic group is a group of firms in an industry following the same or similar strategies in a given target market. Benchmarking is the process of comparing the companies products and processes to those of the competitors or leading firms in other industries to identify best practices and find ways to improve quality or performance. Entrepreneurial marketing involves visualizing an opportunity and constructing and implementing flexible strategies.