Growth, Development and Expansion (LC 2027) (Leaving Cert Business): Flashcards
📚Flashcards
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Practise the cards
10 cards from this deck
Competition definition
Competition definition
Rivalry between businesses in same industry
Direct competition
Direct competition
Identical/similar products sold to same target market
Indirect competition
Indirect competition
Different products satisfying same customer need/want
Competitor analysis
Competitor analysis
Identifying competitors, examining strengths/weaknesses
Porter's Five Forces creator & year
Porter's Five Forces creator & year
Michael Porter, 1979
Competitive rivalry (Porter's)
Competitive rivalry (Porter's)
Intensity of competition among existing competitors
Supplier power (Porter's)
Supplier power (Porter's)
Influence suppliers have over businesses in industry
Buyer power (Porter's)
Buyer power (Porter's)
Influence customers have over businesses
Threat of substitution (Porter's)
Threat of substitution (Porter's)
Products from different industries satisfying same need
Threat of new entrants (Porter's)
Threat of new entrants (Porter's)
How easily new companies can enter market & compete