QUANR TRIJ CHIEENS LUWOJC

1.    Strategy is about the search for competitive advantage.

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  The central purpose of SWOT analysis is to identify the strategies to exploit external opportunities, counter threats, build on and protect company strengths, and eradicate weaknesses.

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When managers decide to ignore different segments and produce a standardized product for the average consumer, we say they are pursuing a focus strategy.

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Internal stakeholders are customers, suppliers, creditors, governments, unions, local communities, and the general public.

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Risk capital is capital that cannot be recovered if a company fails and goes bankrupt.

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Advanced factors of production are resources such as land, labor, management, plants, and equipment.

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When a company targets a certain segment or niche and tries to be the low-cost player in that niche, the company is pursuing a focus low-cost strategy.

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  Four factors help a company build and sustain competitive advantage are superior efficiency, quality, innovation, and customer responsiveness.

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When companies competing in a global marketplace face the situation that pressures to adapt to local tastes are high and pressures to reduce costs are low, the companies should pursue global standardization

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Product innovation is the development of a new process for producing and delivering products to customers.

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