C954 Flashcards-Section-Four |Test Questions with Correct Answers 2024/2025

C954 Flashcards-Section-Four |Test Questions with Correct Answers 2024/2025 Business Strategy - Correct Answer A leadership plan that achieves a specific set of goals or objectives stakeholder - Correct Answer A person or organization with an interest in a particular place or issue. Competitive advantage - Correct Answer A feature of a product or service that an organization's customers place a greater value on than similar offering from a competitor First mover advantage - Correct Answer Occurs when an organization can significantly impact its market share by being first to market with a competitive advantage Competitive intelligence - Correct Answer the process of gathering information about the competitive environment, including competitors' plans, activities, and products, to improve a company's ability to succeed First mover advantage - Correct Answer Occurs when an organization can significantly impact it market share by being first to market with a competitive advantage SWOT analysis - Correct Answer Evaluate and organization strength weakness opportunities and threats to identify significant influences that work for or against business strategies Porter's five forces model - Correct Answer Analyze the competitive forces within the environment in which a company operates to assess the potential for profitability in an industry Buyer power - Correct Answer The ability of buyers to affect the price they must pay for an item