Samenvatting
samenvatting business vocabulary in use advanced van Bill Mascull
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16. Strategic thinkingStrategy (countable)= a plan or series of plans for achieving success
Strategy (uncountable)= the study of skills, etc. required to make such plans
Strategic success= measured in terms of profitability
Profitability= the amount of money it makes in relation to the amount invested
Resource allocation= this is the way that resources such as finance, people and assets, etc.
are used to achieve a particular objective
Vision stat in a mission statement
Implementation= putting the strategy into practice
Strategic move= an action with a particular purpose in relation to objectives
Strategic partnership= when two companies work together towards a specific goal
Strategic decision= when a company decide something important for its long-term future
Strategic acquisition= when one company buys another for strategic purpose
Strategic goal= an objective the company wants to reach
Strategic vision= when someone has clear ideas about actions to take for future success
When a company invades -> it starts to be very successful there
When a company establishes a foothold -> it occupies a small part of the market in
preparation for gaining a larger part
17. Competition
Very strong competition=
- Cut-throat
- Ferocious
- Intense
- Fierce
- Stiff
Actions that increase competition -> encourage, intensify, sharpen it
Actions that limit competition -> harm, inhibit, stifle it
Main competitors= key players
Smaller competitors= minor players
Competing products= products that compete with each other
Competitive product= has real and specific benefits in relation to others of the same type
Competing bids= price offers for a company in a takeover
Competing offerings= products from different companies
Competing suppliers= companies offering similar products or services
Competing technologies= technical ways of doing something
Competitive position= where a company is in relation to its competitors in terms of size,
growth etc.
Competitive pressure= the force that one competitor can bring to bear 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 another’s position
Competitive advantage/edge= superior 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, and the study of
this in business schools
18. Companies and their industries
Micheal Porter -> five competitive forces
1. Potential entrants
2. Buyers
3. Substitutes
4. Suppliers
5. Industry competitors
Core competencies -> internal factors
Environment -> external factors
Cost leadership= offering products or services at the lowest cost -> in volume industries
(large numbers of similar products produced)
Differentiation= offering products or services that give added value in terms of quality or
service compared to competitors
Focus= combining elements of the above two strategies to concentrate on a niche (a specific
part of the market with particular needs)
19. Key strategic issues
Concentrated industries= industries with a few companies
Fragmented industries= a lot of companies with little market share
Low entry barriers -> attractive -> high potential profitability -> new entrants
High entry barriers -> new entrants are rare
Acquisitive= hebzuchtig
Merge= combine as an equal
Vertical integration= company buys/owns its suppliers and customer companies
Unwieldy conglomerate= a holding company with a large number of subsidiaries
Portfolio theory= the idea that when demand for goods or services of one of the companies
in the group was weak, it would be compensated by stronger demand for those of other
companies
Make or buy decision= companies decide whether or produce particular components or
perform particular functions in-house or to buy them in from an outside supplier
20. Innovation
Foster creativity + innovation= the development of new ideas
Ingenuity= vindingrijkheid
Skunk works= a place away from the main company sites and outside the usual structures, to
work on innovations
Focus groups= groups of consumers who say what they think of the product
First mover advantage= you can influence the way the market develops
----> trendsetters/innovators/pioneers
Emerging industry= a new industry
Mature= volwassen
Dropout= shakeout= consolidation
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