Business Vocabulary Test2
Business Vocabulary Test2 NB
Business Vocabulary Test2 NB
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Flashcards
competitive position
where a company is in relation to its competitors in terms or size, growth etc.
competitive pressure
Wettbewerbsdruck: the force that one competitor can bring to bear (ertragen )in relation to another
competitive price
one that is similar to or lower than those for similar products
competitive threat
something that one competitor may do to weaken (schwächen) another's position
competitive advantage / edge
products, performance etc. that a competitor can offer in relation to others and which give it a lead over its rivals
competitive strategy
a plan or plans for success in relation to competitors
Michael Porter; he defined:
five competitive forces at work in any industry (Mächte, welche beim Wettbewerb mitspielen)
potential entrants
Threat of new entrants (mögliche Teilnehmer)
Suppliers
Bargaining (Verhandlungsmach) Lieferanten / Anbieter
Substitutes
Threat (Gefärdung) of substitute (ersatz) products/services
a firm needs to consider
berücksichtigen
a firm has to build and maintain
keep (beibehalten)
SWOT
strengths, weaknesses, opportunities, threats
weaknesses
example: poor international communication (Schwäche)
threats and opportunities
(Bedrohung / Gefahr) (Möglchkeit / Chance)
external factors
- strength of competitors
- government regulation
- the way the society is changing
the change would pose
darstellen
core competencies (according to Hamel and Prahalad)
Kernkompetenzen: ways that a company organizes and combines its hr, know how and equipment
internal factors
ways that a company organizes and combines its hr, knwo how and equipment
and other assets
Wirtschaftsgüter (internal factors)
competitive advantage cam be based on:
- cost leadership
- differentiation
- focus
cost leadership
offering products or services at the lowest cost
cost leadership is one strategy to adopt in volume industries with competitors
Mengenindustrie
differentiation
offering products or services that give addes-value in termns of quality or service compared to competitors
that give addes-value
Mehrwert, zusätzlicher Wert
competitive advantage can be baed on focus
combining elemnts of the strategies cost leadership and differentiation to concentrate on a specific part of the market with particuar needs
niche
a specific part of the market with particular needs
stuck in the middle
a company does not follow any of these particular strategies
industries are concentrated
just a few companies (steel oder tyres)
industries are fragmented
example: there are millions of restaurants worldwide
market share
McDonald's has a marked share of 1% in terms of all restaurant meals (Marktanteil)
low entry barriers
anyone with small amount of capital can open a restaurant
high entry barriers
new entrants to the industry are rare, needs massive investment in equipment and know-how
companies are acquisitive
buying competitors in their industry or companies in other industries (erwerbsorientiert)
a company may merge
combine as a equal (sich vereinigen)
combine as an equal
Gleichgestellter
vertical integration
a company buy its suppliers and customer companies
unwieldy conglomerate
a holding company with a large number of subsidiaries (Filialen / Niederlassungen) which may not be easy to manage profitably as a group
Supporters of
Befürworter
conglomerate
Mischkonzern
