Miami University ISA 235 exam (100% correct and graded A+)

business strategy - A leadership plan that achieves a specific set of goals or objectives such as increasing sales, decreasing costs, entering new markets, or developing new products or services. stakeholder - A person or group that has an interest or concern in an organization. competitive advantage - A feature of a product or service on which customers place a greater value than on similar offerings from competitors. first-mover advantage - An advantage that occurs when a company can significantly increase its market share by being first to market with a competitive advantage. competitive intelligence - The process of gathering information about the competitive environment, including competitors' plans, activities, and products, to improve a company's ability to succeed. SWOT analysis - Evaluates an organization's strengths, weaknesses, opportunities, and threats to identify significant influences that work for or against business strategies. porter's five forces model - A model for analyzing the competitive forces within the environment in which a company operates, to assess the potential for profitability in an industry. buyer power - The ability of buyers to affect the price they must pay for an item. switching costs - Costs that make customers reluctant to switch to another product or service. loyalty program - A program to reward customers based on spending. supply chain - All parties involved, directly or indirectly, in obtaining raw materials or a product