Reviewing Performance – The Need for Change (VCE SSCE Business Management): Flashcards
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Practise the cards
10 cards from this deck
What Porter's Generic Strategies help achieve
What Porter's Generic Strategies help achieve
Sustainable competitive advantage
Two approaches in Porter's Generic Strategies
Two approaches in Porter's Generic Strategies
Lower cost (cost leadership) and differentiation
Cost leadership strategy definition
Cost leadership strategy definition
Becoming the lowest cost producer in an industry
Differentiation strategy definition
Differentiation strategy definition
Making products/services distinct from competitors
Focus type for cost leadership
Focus type for cost leadership
Internal focus on processes and efficiency
Focus type for differentiation
Focus type for differentiation
External focus on market segments and customer needs
Problem when pursuing both strategies simultaneously
Problem when pursuing both strategies simultaneously
Becoming 'stuck in the middle' - achieving neither effectively
Porter's Five Forces (list all five)
Porter's Five Forces (list all five)
Supplier power, buyer power, rivalry, substitutes, new entry
What SWOT stands for
What SWOT stands for
Strengths, Weaknesses, Opportunities, Threats
Four steps in Porter's strategy selection process
Four steps in Porter's strategy selection process
Five Forces, SWOT, compare results, select strategy