E OBJ 3.02 Vocab

Competitive advantage

• factors that allow a company to produce goods or services better or more cheaply than its rivals

• a company in the same industry or a similar industry which offers a similar product or service

• A phrase that is easy to remember

• A one-of-a-kind attribute of a product or brand that separates it from the competition

Competitor

• a company in the same industry or a similar industry which offers a similar product or service

• factors that allow a company to produce goods or services better or more cheaply than its rivals

• A phrase that is easy to remember

• The amount of satisfaction a good or service will provide a customer

Slogan

• A phrase that is easy to remember

• A one-of-a-kind attribute of a product or brand that separates it from the competition

• The amount of satisfaction a good or service will provide a customer

• Specific actions that will be used to carry out strategies

Unique selling proposition (USP)

• a company in the same industry or a similar industry which offers a similar product or service

• An advantage customers receive from using a product

• A phrase that is easy to remember

• A one-of-a-kind attribute of a product or brand that separates it from the competition

Niche

• Unique role

• An advantage customers receive from using a product

• A product mix strategy in which a business creates a certain image or impression of a product in the minds of consumers

• a company in the same industry or a similar industry which offers a similar product or service

Benefit

• An advantage customers receive from using a product

• The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern, and the use of that data to create and implement plans to reach new target audiences

• A product mix strategy in which a business creates a certain image or impression of a product in the minds of consumers

• factors that allow a company to produce goods or services better or more cheaply than its rivals

Market research

• The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern, and the use of that data to create and implement plans to reach new target audiences

• A phrase that is easy to remember

• factors that allow a company to produce goods or services better or more cheaply than its rivals

• A product mix strategy in which a business creates a certain image or impression of a product in the minds of consumers

Positioning

• An advantage customers receive from using a product

• A product mix strategy in which a business creates a certain image or impression of a product in the minds of consumers

• A phrase that is easy to remember

• factors that allow a company to produce goods or services better or more cheaply than its rivals