ITM 309 Study Guide - Final Guide: Business Process Reengineering, Competitive Intelligence, Business Process Management
4 Oct 2016
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Competitive intelligence- the process of gathering information about the competitive environment in order to improve ability to succeed. Competitive intelligence tools: porter"s five forces model, porter"s three generic strategies model i. ii. Cost leadership- increase profit by lowering costs while charging industry avg price. Or increase market share by lowering price while still making a reasonable profit. Differentiation strategy- strategy to increase perceived value of a brand or product to entice customers to choose your product over the competitors. Can be achieved through enhanced design, competitive pricing, distribution channels ect. iii. Focus strategy- a strategy where a company focuses resources on expanding or entering in a narrow market i. e. - differentiation is high cost costs lots of money to differentiate: value chain and value chain analysis. Corporate strategy is all about deciding how to create economic value added. i. ii.
