Internal environment
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owners, employees, directors, culture
SWOT Analysis
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allows managers to take a snapshot of their firm's strengths, weaknesses,
opportunities and threats
Comparative Advantage
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Countries should specialize in what they're good at that have lowest
opportunity costs (free trade leads to more efficient distribution of world
resources, all countries benefit)
Value
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amount consumers are willing to pay -- have lower price than competitors,
have unique product whose benefits outweigh potential higher cost
Better-Off Test
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Will the new industry provide the firm with a competitive advantage it
doesn't already have?
Diversification Strategies
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, -Single-product strategy -- a firm focuses on one product in one market
-Horizontal (related) diversification -- a firm pursues businesses with similar
products or resources
-Sharing sales forces, advertising expenses, distribution channels.
-Leveraging a firm's strong brand name across multiple product lines
Economies of scale
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cost savings achieved when you produce/sell so much of a product that
you can sell it at a lower cost
Vertical Integration
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occurs when one corporation owns business units that make inputs for
other business units in the same corporation
Utilitarianism
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behaviors are moral if they produce the greatest good for the greatest
number of people
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owners, employees, directors, culture
SWOT Analysis
Give this one a try later!
allows managers to take a snapshot of their firm's strengths, weaknesses,
opportunities and threats
Comparative Advantage
,Give this one a try later!
Countries should specialize in what they're good at that have lowest
opportunity costs (free trade leads to more efficient distribution of world
resources, all countries benefit)
Value
Give this one a try later!
amount consumers are willing to pay -- have lower price than competitors,
have unique product whose benefits outweigh potential higher cost
Better-Off Test
Give this one a try later!
Will the new industry provide the firm with a competitive advantage it
doesn't already have?
Diversification Strategies
Give this one a try later!
, -Single-product strategy -- a firm focuses on one product in one market
-Horizontal (related) diversification -- a firm pursues businesses with similar
products or resources
-Sharing sales forces, advertising expenses, distribution channels.
-Leveraging a firm's strong brand name across multiple product lines
Economies of scale
Give this one a try later!
cost savings achieved when you produce/sell so much of a product that
you can sell it at a lower cost
Vertical Integration
Give this one a try later!
occurs when one corporation owns business units that make inputs for
other business units in the same corporation
Utilitarianism
Give this one a try later!
behaviors are moral if they produce the greatest good for the greatest
number of people
