Barriers to Market Entry and Strategy Execution

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The ability of a business to produce goods or services at a lower cost per unit as output increases. For example, a large hotel can buy supplies in bulk and negotiate cheaper rates.

High initial investment required to start a business. This can deter new competitors from entering a market.

Existing businesses have advantages like strong brand recognition, loyal customers, and established relationships with suppliers, making it difficult for new competitors to enter.

Barriers that make it difficult for new businesses to enter a market and compete with existing firms.

A resource or capability that is difficult or impossible for competitors to copy or imitate - these can be things like access to special raw materials or a unique location.

A strategy that focuses on understanding and managing customer relationships to enhance customer satisfaction and loyalty.

A process of comparing a company's performance and processes to those of leading competitors in order to identify areas for improvement.

The management of all activities involved in the procurement of raw materials, the processing of these materials into finished goods, and the distribution of these goods to customers.

A management philosophy that emphasizes continuous improvement, customer satisfaction, and employee involvement to achieve long-term organizational success.

A strategic tool that helps organizations identify their internal strengths and weaknesses, as well as external opportunities and threats, to formulate effective strategies.

A strategic tool that explores different possible future scenarios to help organizations prepare for uncertainties and develop flexible plans.

A process of comparing an organization's performance against best practices in the industry to identify areas for improvement.

A management tool that helps organizations identify and prioritize business goals and develop strategies to achieve them.

A method of managing customer relationships focusing on enhancing satisfaction, retention, and loyalty by providing personalized service and using information from different channels.

A cooperative agreement between two or more organizations where they combine their resources and capabilities to achieve mutual goals and create competitive advantage.

Strategic alliances can help organizations enter new markets, access new technologies, and achieve economies of scale faster and cheaper.

Types of strategic alliances include Joint Venture, Product Licensing, Franchising, and Management Contracts.

A management philosophy focused on improving quality at every level of an organization, aiming for continuous improvement and customer satisfaction.

TQM emphasizes using the resources and capabilities of an organization to achieve defined goals, prioritizing customer satisfaction and continuous improvement.

TQM helps organizations improve their overall performance, become more competitive, and build a stronger reputation.

TQM is a key management tool for businesses in all sectors, promoting a culture of continuous improvement and customer satisfaction.

The process of identifying key issues and opportunities that impact a company's future success, analyzing its strengths, weaknesses, opportunities, and threats, and setting strategic goals and action plans to achieve competitive advantage.

Understanding a company's current position in the market, including performance analysis, customer insights, and competitor analysis, to identify areas for improvement and opportunities.

Prioritizing objectives based on their impact on the company's vision, mission, and overall success; aligning objectives with the company's strategic direction.

Goals should be Specific, Measurable, Achievable, Relevant, and Time-bound; goals should be clearly defined and quantifiable.

Developing a detailed action plan that outlines the steps, resources, timelines, and responsibilities required to achieve the company's strategic goals.

A visual tool that helps map out the connection between a company's strategic goals, objectives, and the initiatives taken to achieve them.

Regularly reviewing and monitoring progress toward strategic goals; adjusting the strategy or action plan as needed to adapt to changing circumstances or unexpected challenges.

A strategic planning tool used to understand and communicate the organization's strategy. It shows how different elements work together to achieve goals.

Key performance indicators (KPIs) are measurable values that reflect the progress towards achieving a strategic goal.

The process of regularly evaluating the progress made towards achieving strategic goals, and making necessary adjustments to the plan based on performance and changing conditions.

A group of companies competing for the same customers or sales within a market.

A model developed by Michael Porter to help managers evaluate the competitive landscape of an industry.

The threat of new competitors entering the market, which can lower profits and increase competition.

The bargaining power of suppliers (those who provide resources or goods to the industry) can influence costs and profits.

The bargaining power of buyers (those who purchase goods from the industry) can influence prices and demand.

The threat of substitutes is high when similar products or services can easily replace those offered in the industry.

Rivalry among existing competitors is high when there are many players, similar products, and price competition is fierce.

Analyzing the five forces helps a firm understand its competitive landscape, identify opportunities and threats, and formulate strategies for success.

A five forces analysis can help a firm determine the attractiveness of an industry before entering or exiting it.