4.02 Entrepreneurship 2 Review

The rivalry between two or more businesses to attract scarce customer dollars.

• Strength

• Competition

• Weakness

• Dispute

Any condition or circumstance that puts a business in a favorable position over its competitors.

• Competitive Advantage

• Strategic Positioning

• Market Dominance

• Superior Resources

 Any limitation or shortcoming your business has that can keep you from achieving your objectives.

• Threat

• Weakness

• Strength

• Opportunity

Any unfavorable situation in the environment surrounding your business.

• Weakness

• Opportunity

• Strength

• Threat

Any resource or capability your business has that can help you gain a competitive advantage in your industry.

• Weakness

• Strength

• Opportunity

• Threat

Any item that is used to produce goods and services.

• Possession

• Resource

• Tool

• Asset

 A rival business that seeks to attract the same scarce customer dollars.

• Adversary

• Opponent

• Competitor

• Rival

The process of comparing a business’s income statement with that of its competitors to see how it is doing by industry standards.

• Competitive Analysis

• Market Analysis

• Financial Forecasting

• Cost Benefit Analysis

 Any condition or circumstance that puts a business in a favorable position over its competitors

• Strategic Positioning

• Market Differentiation

• Resource Leverage

• Competitive Advantage

 These competitors may offer a high- or low-end version of your product or sell something similar to a completely different audience.

• Market Competition

• Secondary Competition

• Primary Competition

• Unfavorable Competition