ESB Lesson 7 Vocabulary - Competitive Advantage

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The ability and willingness to change actions and plans

to overcome present and future challenges.

• Flexibility and Adaptability

• Differentiate

• Competitor

• Competitive Matrix

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A business that is trying to do better than others in the same or similar market.

• Direct Competitor

• Differentiator

• Competitor

• Indirect Competitor

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Something that puts your business ahead of the competition.

• Differentiator

• Competitive Advantage

• Industry

• Strong Direct Competition

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A business that sells similar products or services.

• Competitor

• Indirect Competitor

• Strong Direct Competitor

• Direct Competitor

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Grid used to compare characteristics of your business with those of your direct competitors.

• Differentiator

• Competitive Matrix

• SWOT Analysis

• Global Economy

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What you charge customers for your product or service

• SWOT Analysis

• Price

• Global Economy

• Quality of Service

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A business evaluation method that focuses on four categories: Strengths, Weaknesses, Opportunities, and Threats

• SWOT Analysis

• Location

• Global Economy

• Competitor

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The economy of the world, or the economy we share across borders.

• Industry

• Price

• Global Economy

• Competitor

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A short statement that summarizes the benefits a company gives to its customer segments.

• SWOT Analysis

• Delivery Method

• Unique Factors

• Unique Value Proposition

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Measurement of the overall performance of a product or service, in terms of your customer’s experience.

• Price

• Global Economy

• Quality of Service

• Reputation