is when products offered by the same firm are so similar they compete among themselves. course hero

Is the competition just another choice?

Sep 28, 2012 · Direct Competitors. A direct competitor is “someone that offers the same products, with the same end game,” Paul said. “They make money from the same thing you do.”. A direct competitor is probably what most commonly comes to mind when you think of the word “competition.”. When I was a communications consultant, I used to work with ...

How does a firm's competitive actions affect its competitors?

These are businesses that offer products identical or similar to those of the firm completing the analysis. These competitors are the most important because they are going after the same customers as the new firm. Indirect competitors. offer close substitutes to the product the firm completing the analysis sells.

What is a “direct competitor?

Cannibalization Ø Occurs when products offered by the same firm are so similar that they compete among themselves. Ø Oversegmentation Ø One brand “eats” share from another. § P&G’s detergents § Gap Inc.: Old Navy, Gap, Banana Republic, Piperlime, Athleta

What is the demand curve for a perfectly competitive firm?

firms operating in the same market, offering similar products, and targeting similar customers ... the ongoing set of competitive actions and competitive response that occur among firms as they maneuver for an advantageous market position. ... The firm and its competitor use their similar resource portfolios to compete against each other in ...

How do you compete with competitors with the same product?

What do you mean by competition between firms?

What are the two types of competitive?

Who are competitors how is competitive rivalry competitive behavior and competitive dynamics defined?

How does a firm compete?

What makes a firm competitive?

What distinguishes a product service from the competition?

What kind of competitor offers a product or service that the customer could be used as a substitute for your product or services?

Why do firms need to know about their competitors?

What is it called when firms compete against each other in several product or geographic markets?

Who are competitors what factors affect the likelihood a firm will take a competitive action?

How are competitive rivalry competitive behavior and competitive dynamics defined in the Chapter 5?

Why is benchmarking important?

Benchmarking also leads to helping organizations generate ideas to facilitate better practices in many areas of operations and management. It can also show how advancements in technology (and the use of new technology) can improve an organizations ability to generate revenue and increase customer satisfaction.

Is Kmart a competitor to Walmart?

Similar to competitors such as Walmart and Target, Kmart offers a high variety of products at inexpensive prices that are appealing to customers. With convenient store locations and low distribution costs, Kmart is able to keep consumer prices low while offering various products to bring customers to stores.

Why is it important to identify weaknesses and strengths of competitors?

Identifying the strengths and weaknesses of competitors can allow managers to exploit weaknesses, emulate strengths, or avoid competing in areas where other companies are especially strong. Failure to account for the presence of competitors can result in bad business decisions.

What is the basis of a firm's competitive strategy?

Basis of Competitive Strategy. The basis of a firm’s competitive strategy is its foundation that it builds on in order to succeed. Kmart’s competitive strategy is a broad low-cost provider strategy. The basis of their current strategy is to achieve lower overall costs than competitors.

How many strategic issues did President White identify for the University of Illinois?

President White had identified six strategic issues for the University of Illinois and indicated that the strategic issues facing UIC, UIS, and UIUC probably would not be significantly different from the six he identified, although the differences in the campuses would make them slightly different.

What is the key success factor?

Key Success Factors and Current Industry Prospects: Key Success Factors. Key success factors (KSFs) are the competitive factors in the marketplace that affect an industry member’s ability to survive and prosper – along with the elements, product attributes, operational approaches, and competitive capabilities that determine profit and loss ...

What is benchmarking in business?

Benchmarking occurs when an organization attempts to compare its operations performance, methods/process of conducting business, the organization’s standing as a whole, it’s market share, and more to other organizations in the industry.

What is game theory?

game theory. the study of how people make decisions in situations in which attaining their goals depends on their interactions with others; in economics, the study of the decisions of firms in industries where the profits of a firm depend on its interactions with other firms. business strategy.

What is collusion in business?

collusion. an agreement among firms to charge the same price or otherwise not to compete. dominant strategy. a strategy that is the best for a firm, no matter what strategies other firms use. nash equilibrium. a situation in which each firm chooses the best strategy, given the strategies chosen by other firms.

What is dominant strategy?

dominant strategy. a strategy that is the best for a firm, no matter what strategies other firms use. nash equilibrium. a situation in which each firm chooses the best strategy, given the strategies chosen by other firms.

What is the best strategy for a firm?

a strategy that is the best for a firm, no matter what strategies other firms use. nash equilibrium. a situation in which each firm chooses the best strategy, given the strategies chosen by other firms. cooperative equilibrium. an equilibrium in a game in which players cooperate to increase their mutual payoff.

Is Ocean Spray an oligopoly?

Ocean Spray is considered to be an oligopoly firm because, until the 1990s, it faced little competition in the market for fresh and frozen cranberries. Why? A) Ocean Spray had a patent on the production of cranberries that gave the company the exclusive right to market its product for 20 years.