Competitive markets
A situation in which businesses actively compete against one another for customer attention and market share.
hostile environment
Analytical tool that looks at strengths, weaknesses, opportunities, and threats.
SWOT
What is AR?
Augmented reality. E.g. Pokemon Go.
Which animal does Miss see on the way to work? (part of an advertisement)
Gorilla
competition structure where there is 2-3 businesses that dominate a market, any action or strategy initiated by one business will be noticed and reacted to by the others
Oligopoly
Analytical tool that helps businesses differentiate themselves from competitors to gain a competitive edge.
USP – unique selling proposition
Name a business that uses AR/VR/MR
Sephora, Ikea, sunglass hut etc.
Negative STEEPLE factor that may arise from outsourcing. e.g. Offshore clothing production factories.
Ethical
S____ I_________ is found in highly concentrated markets, it involves acting in a way that counts for the anticipated behaviour and strategies of rival business. Strategic interaction
Strategic interaction
an objective/target set by a business, that can be measured to allow business performance to be assessed. Hint: similar to smart goals
Key performance indicator (KPI)
Name any marketing strategies incorporating emerging technologies
Evaluation criteria related to management of resources and reducing waste.
Efficiency
________ is a strategic decision to transfer certain activities in a business’s operations to external specialists
Outsourcing
______ is the relocation of a business process or activity performed in one country to another country, with either the same of another business.
Offshoring
What does M-commerce stand?
Mobile-Commerce
Evaluation criteria that looks at how businesses do compared to competitors and market standards.
Competitiveness
Market ________is the process of dividing the market into subsets of customers who share common characteristics.
Market Segmentation
P_______ M_______ is management of a unique, one-time operation, designed to achieve a specific set of objectives.
Project management
P_______ and advertising: A program that used machine to machine buying to target advertisements, doesn’t require human input.
Programmatic
________ is a cost savings or advantages that an be created as a result of an increase in the scale of business operations, resulting in lower per unit input costs. Economies of scale.
Economies of scale