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management

management
52問 • 1年前
  • Charles Jaojao
    • 通報

    問題一覧

  • 1

    General competitive conditions that influence businesses within an industry

    industry environment

  • 2

    a collection of firms that offer similar products or services.

    industry

  • 3

    products that customers perceive to be substitutable for one another

    Similar

  • 4

    market structure characterized by a large number of buyers and sellers of an identical product.

    Perfect competition

  • 5

    It exists when individual producers have no influence on market prices.

    Perfect competition

  • 6

    Competitive pressures coming from the producers of substitute products

    Threat of substitute

  • 7

    Competitive pressures stemming from supplier bargaining power

    bargaining power of supplier

  • 8

    Competitive pressures coming from other firms in the industry

    competitive rivalry

  • 9

    Competitive pressures stemming from buyer bargaining power

    bargaining power of buyers

  • 10

    Competitive pressures coming from the threat of entry of new rivals

    threat of new entrants

  • 11

    refers to the possibility that the profits of established firms in the industry may be eroded by new competitors.

    threat of new entrants

  • 12

    New entrants to an industry bring new capacity, have the desire to gain market share, and often bring substantial resources with them.

    threat to new entrants

  • 13

    The extent of the threat depends on existing barriers to entry (whether high or low) and the combined reactions from existing competitors.

    Threat of new entrants

  • 14

    If entry barriers are high and/or the newcomer can anticipate a sharp retaliation from established competitors

    the threat of entry is low

  • 15

    Sources of Barriers to entry

    1. Economies of Scale 2. Product Differentiation/Brand Identification 3. CapitalRequirements 4. Cost advantages that are hard to replicate by new entrants 5. Access to distribution channels 6. Restrictive regulatory and trade policies

  • 16

    Refers to spreading the costs of production over the number of units produced. The cost of a product per unit declines as the absolute volume per period increases.

    Economies of scale

  • 17

    Simply, savings that companies achieve because of increased volume

    economies of scale

  • 18

    is a barrier to entry by forcing the aspirant either to come in on a large scale or to accept a cost disadvantage (e.g. soft drink industry: production, distribution & marketing)

    Economies of scale

  • 19

    Extent to which customers perceive differences among products & services

    Product differentiation/Brand identification

  • 20

    Customers have strong brand preferences and high degrees of loyalty to seller

    Product differentiation/Brand identification

  • 21

    Creates a barrier by forcing entrants to spend heavily on advertising and sales promotion to overcome customer loyalty and build its own clientele

    Product differentiation/Brand Identification

  • 22

    These barriers discourage new entry because they act to boost financial requirements and lower expected profit margins for new entrants

    Product differentiation/Brand Identification

  • 23

    There is a need to invest large financial resources (small-oil industry players – UniOil, FlyV) The most obvious capital requirements for new entrants relate to manufacturing facilities and equipment, introductory advertising and sales promotion campaigns, working capital to finance inventories and customer credit, and sufficient cash to cover startup costs.

    Capital requirements

  • 24

    Cost advantages that are hard to replicate by new entrants

    1. proprietary technologies 2. access to the best raw materials sources 3. assets purchased at pre-inflation prices 4. government subsidies 5. favorable locations 6. exclusive partnerships with the best and cheapest supplier 7. low fixed costs (older facilities, usually depreciated)

  • 25

    The new entrant’s need to secure distribution for its product can create a barrier to entry Not only distribution channels but also including shelf space in supermarkets

    Access to distribution channels

  • 26

    Wholesale distributors may be reluctant to take on a product that lacks buyer recognition

    Access to distribution channels

  • 27

    Retailers must be recruited and convinced to give a new brand ample display space and an adequate trial period

    Access to distribution channels

  • 28

    Government agencies can also limit or even bar entry by requiring licenses and permits

    Restrictive regulatory and trade policies

  • 29

    Government-mandated safety regulations and environmental pollution standards also create entry barriers because they raise entry costs.

    Restrictive regulatory and trade policies

  • 30

    In international markets, host governments commonly limit foreign entry and must approve all foreign investment application

    Restrictive regulatory and trade policies

  • 31

    tariffs and trade restrictions to raise entry barriers for foreign firms and protect domestic producers from outside competition

    Restrictive regulatory and trade policies

  • 32

    the ability and willingness of industry incumbents to launch strong defensive maneuvers to maintain their positions and make it harder for a newcomer to compete successfully and profitably

    second factor affecting the threat of entry

  • 33

    may have second thoughts about attempting entry if they conclude that existing firms will mount well-funded campaigns to hamper (or even defeat) a newcomer’s attempt to gain a market foothold big enough to compete successfully

    entry candidates

  • 34

    Threat of entry is a stronger force when

    1. Incumbents are unlikely to make retaliatory moves against new entrants 2. Entry barriers are low.

  • 35

    Entry barriers are high (and threat of entry is low) when

    Incumbents have large cost advantages over potential entrants

  • 36

    Incumbents have large cost advantages over potential entrants due to

    1. High economies of scale 2. Significant experience-based cost advantages or learning curve effects 3. Other cost advantages (e.g., favorable access to inputs, technology, location, or low fixed costs)

  • 37

    Entry barriers are high (and threat of entry is low) when

    1. Customers with strong brand preferences and/or loyalty to incumbent sellers 2. Patents and other forms of intellectual property protection 3. Strong network effects 4. High capital requirements 5. Limited new access to distribution channels and shelf space 6. Restrictive government policies 7. Restrictive trade policies

  • 38

    Whether the suppliers of industry members represent a weak or strong competitive force depends on the degree to which suppliers have sufficient bargaining power to influence the terms and conditions of supply in their favor

    Bargaining Power of Suppliers

  • 39

    Suppliers can exert bargaining power on participants in an industry by _______________ goods and services and limit their opportunities to find better deals.

    Raising prices or reducing the quality purchased

  • 40

    often must contend with the power of manufacturers whose products enjoy well-known brand names, since consumers expect to find these products on the shelves of the retail stores where they shop. This provides the manufacturer with a degree of pricing power and often the ability to push hard for favorable shelf displays

    Small-scale retailers

  • 41

    A supplier is powerful if:

    1. Supplier group is dominated by few large companies and is more concentrated (few firms dominate the industry) than the industry it sells to 2. Suppliers provide differentiated inputs that enhance the performance of the industry’s product. 3. Demand for suppliers’ products is high and the products are in short supply. 4. It is difficult or costly for industry members to switch their purchases from one supplier to another. 5. Industry members are incapable of integrating backward to self-manufacture items they have been buying from suppliers. 6. Suppliers provide an item that accounts for no more than a small fraction of the costs of the industry’s product. 7. Good substitutes are not available for the suppliers’ products. 8. Industry members are not major customers of suppliers.

  • 42

    Supplier bargaining power is stronger when

    1. Suppliers’ products and/or services are in short supply. 2. Suppliers’ products and/or services are differentiated. 3. Industry members incur high costs in switching their purchases to alternative suppliers. 4. The supplier industry is more concentrated than the industry it sells to and is dominated by a few large companies. 5. Industry members do not have the potential to integrate backward in order to self- manufacture their own inputs. 6. Suppliers’ products do not account for more than a small fraction of the total costs of the industry‘s products. 7. There are no good substitutes for what the suppliers provide. 8. Industry members do not account for a big fraction of suppliers’ sales.

  • 43

    Customers/buyers likewise can force down prices, demand higher quality or more services, and play competitors off against each other – all at the expense of industry profits

    Bargaining power of buyers

  • 44

    Buyer group is powerful if:

    1. Concentrated or purchases in large volumes 2. Undifferentiated Products. Are products standardized? 3. Profitability of buyers. Are buyers forced to be tough? 4. The buyers pose a credible threat of backward integration 5. The industry’s product is unimportant to the quality of the buyer’s products or Services 6. Switching costs. It is easy for buyers to switch their suppliers?

  • 45

    The threat of limiting the potential returns of an industry by placing a ceiling on the prices that firms in that industry can profitably charge without losing too many customers to substitute products.

    threat of substitute

  • 46

    products and services outside the industry that serve the same customer needs as the industry’s products and services.

    substitute product or services

  • 47

    Refers to the degree of the rivalry of competing firms in the industry

    competitive rivalry

  • 48

    More Intense (lots of small/equally sized firms)

    structure of the competition

  • 49

    High fixed costs industry, full capacity operation, and cut prices

    structure of industry cost

  • 50

    Industries with products as commodities (steel, coal), have intense rivalry

    degree of product differentiation

  • 51

    Reduced rivalry if high switching costs

    switching costs

  • 52

    -economic, strategic, and emotional factors that keep firms competing even though they may be earning low or negative returns on their investments

    exit barriers

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    問題一覧

  • 1

    General competitive conditions that influence businesses within an industry

    industry environment

  • 2

    a collection of firms that offer similar products or services.

    industry

  • 3

    products that customers perceive to be substitutable for one another

    Similar

  • 4

    market structure characterized by a large number of buyers and sellers of an identical product.

    Perfect competition

  • 5

    It exists when individual producers have no influence on market prices.

    Perfect competition

  • 6

    Competitive pressures coming from the producers of substitute products

    Threat of substitute

  • 7

    Competitive pressures stemming from supplier bargaining power

    bargaining power of supplier

  • 8

    Competitive pressures coming from other firms in the industry

    competitive rivalry

  • 9

    Competitive pressures stemming from buyer bargaining power

    bargaining power of buyers

  • 10

    Competitive pressures coming from the threat of entry of new rivals

    threat of new entrants

  • 11

    refers to the possibility that the profits of established firms in the industry may be eroded by new competitors.

    threat of new entrants

  • 12

    New entrants to an industry bring new capacity, have the desire to gain market share, and often bring substantial resources with them.

    threat to new entrants

  • 13

    The extent of the threat depends on existing barriers to entry (whether high or low) and the combined reactions from existing competitors.

    Threat of new entrants

  • 14

    If entry barriers are high and/or the newcomer can anticipate a sharp retaliation from established competitors

    the threat of entry is low

  • 15

    Sources of Barriers to entry

    1. Economies of Scale 2. Product Differentiation/Brand Identification 3. CapitalRequirements 4. Cost advantages that are hard to replicate by new entrants 5. Access to distribution channels 6. Restrictive regulatory and trade policies

  • 16

    Refers to spreading the costs of production over the number of units produced. The cost of a product per unit declines as the absolute volume per period increases.

    Economies of scale

  • 17

    Simply, savings that companies achieve because of increased volume

    economies of scale

  • 18

    is a barrier to entry by forcing the aspirant either to come in on a large scale or to accept a cost disadvantage (e.g. soft drink industry: production, distribution & marketing)

    Economies of scale

  • 19

    Extent to which customers perceive differences among products & services

    Product differentiation/Brand identification

  • 20

    Customers have strong brand preferences and high degrees of loyalty to seller

    Product differentiation/Brand identification

  • 21

    Creates a barrier by forcing entrants to spend heavily on advertising and sales promotion to overcome customer loyalty and build its own clientele

    Product differentiation/Brand Identification

  • 22

    These barriers discourage new entry because they act to boost financial requirements and lower expected profit margins for new entrants

    Product differentiation/Brand Identification

  • 23

    There is a need to invest large financial resources (small-oil industry players – UniOil, FlyV) The most obvious capital requirements for new entrants relate to manufacturing facilities and equipment, introductory advertising and sales promotion campaigns, working capital to finance inventories and customer credit, and sufficient cash to cover startup costs.

    Capital requirements

  • 24

    Cost advantages that are hard to replicate by new entrants

    1. proprietary technologies 2. access to the best raw materials sources 3. assets purchased at pre-inflation prices 4. government subsidies 5. favorable locations 6. exclusive partnerships with the best and cheapest supplier 7. low fixed costs (older facilities, usually depreciated)

  • 25

    The new entrant’s need to secure distribution for its product can create a barrier to entry Not only distribution channels but also including shelf space in supermarkets

    Access to distribution channels

  • 26

    Wholesale distributors may be reluctant to take on a product that lacks buyer recognition

    Access to distribution channels

  • 27

    Retailers must be recruited and convinced to give a new brand ample display space and an adequate trial period

    Access to distribution channels

  • 28

    Government agencies can also limit or even bar entry by requiring licenses and permits

    Restrictive regulatory and trade policies

  • 29

    Government-mandated safety regulations and environmental pollution standards also create entry barriers because they raise entry costs.

    Restrictive regulatory and trade policies

  • 30

    In international markets, host governments commonly limit foreign entry and must approve all foreign investment application

    Restrictive regulatory and trade policies

  • 31

    tariffs and trade restrictions to raise entry barriers for foreign firms and protect domestic producers from outside competition

    Restrictive regulatory and trade policies

  • 32

    the ability and willingness of industry incumbents to launch strong defensive maneuvers to maintain their positions and make it harder for a newcomer to compete successfully and profitably

    second factor affecting the threat of entry

  • 33

    may have second thoughts about attempting entry if they conclude that existing firms will mount well-funded campaigns to hamper (or even defeat) a newcomer’s attempt to gain a market foothold big enough to compete successfully

    entry candidates

  • 34

    Threat of entry is a stronger force when

    1. Incumbents are unlikely to make retaliatory moves against new entrants 2. Entry barriers are low.

  • 35

    Entry barriers are high (and threat of entry is low) when

    Incumbents have large cost advantages over potential entrants

  • 36

    Incumbents have large cost advantages over potential entrants due to

    1. High economies of scale 2. Significant experience-based cost advantages or learning curve effects 3. Other cost advantages (e.g., favorable access to inputs, technology, location, or low fixed costs)

  • 37

    Entry barriers are high (and threat of entry is low) when

    1. Customers with strong brand preferences and/or loyalty to incumbent sellers 2. Patents and other forms of intellectual property protection 3. Strong network effects 4. High capital requirements 5. Limited new access to distribution channels and shelf space 6. Restrictive government policies 7. Restrictive trade policies

  • 38

    Whether the suppliers of industry members represent a weak or strong competitive force depends on the degree to which suppliers have sufficient bargaining power to influence the terms and conditions of supply in their favor

    Bargaining Power of Suppliers

  • 39

    Suppliers can exert bargaining power on participants in an industry by _______________ goods and services and limit their opportunities to find better deals.

    Raising prices or reducing the quality purchased

  • 40

    often must contend with the power of manufacturers whose products enjoy well-known brand names, since consumers expect to find these products on the shelves of the retail stores where they shop. This provides the manufacturer with a degree of pricing power and often the ability to push hard for favorable shelf displays

    Small-scale retailers

  • 41

    A supplier is powerful if:

    1. Supplier group is dominated by few large companies and is more concentrated (few firms dominate the industry) than the industry it sells to 2. Suppliers provide differentiated inputs that enhance the performance of the industry’s product. 3. Demand for suppliers’ products is high and the products are in short supply. 4. It is difficult or costly for industry members to switch their purchases from one supplier to another. 5. Industry members are incapable of integrating backward to self-manufacture items they have been buying from suppliers. 6. Suppliers provide an item that accounts for no more than a small fraction of the costs of the industry’s product. 7. Good substitutes are not available for the suppliers’ products. 8. Industry members are not major customers of suppliers.

  • 42

    Supplier bargaining power is stronger when

    1. Suppliers’ products and/or services are in short supply. 2. Suppliers’ products and/or services are differentiated. 3. Industry members incur high costs in switching their purchases to alternative suppliers. 4. The supplier industry is more concentrated than the industry it sells to and is dominated by a few large companies. 5. Industry members do not have the potential to integrate backward in order to self- manufacture their own inputs. 6. Suppliers’ products do not account for more than a small fraction of the total costs of the industry‘s products. 7. There are no good substitutes for what the suppliers provide. 8. Industry members do not account for a big fraction of suppliers’ sales.

  • 43

    Customers/buyers likewise can force down prices, demand higher quality or more services, and play competitors off against each other – all at the expense of industry profits

    Bargaining power of buyers

  • 44

    Buyer group is powerful if:

    1. Concentrated or purchases in large volumes 2. Undifferentiated Products. Are products standardized? 3. Profitability of buyers. Are buyers forced to be tough? 4. The buyers pose a credible threat of backward integration 5. The industry’s product is unimportant to the quality of the buyer’s products or Services 6. Switching costs. It is easy for buyers to switch their suppliers?

  • 45

    The threat of limiting the potential returns of an industry by placing a ceiling on the prices that firms in that industry can profitably charge without losing too many customers to substitute products.

    threat of substitute

  • 46

    products and services outside the industry that serve the same customer needs as the industry’s products and services.

    substitute product or services

  • 47

    Refers to the degree of the rivalry of competing firms in the industry

    competitive rivalry

  • 48

    More Intense (lots of small/equally sized firms)

    structure of the competition

  • 49

    High fixed costs industry, full capacity operation, and cut prices

    structure of industry cost

  • 50

    Industries with products as commodities (steel, coal), have intense rivalry

    degree of product differentiation

  • 51

    Reduced rivalry if high switching costs

    switching costs

  • 52

    -economic, strategic, and emotional factors that keep firms competing even though they may be earning low or negative returns on their investments

    exit barriers