


Study with the several resources on Docsity
Earn points by helping other students or get them with a premium plan
Prepare for your exams
Study with the several resources on Docsity
Earn points to download
Earn points by helping other students or get them with a premium plan
Community
Ask the community for help and clear up your study doubts
Discover the best universities in your country according to Docsity users
Free resources
Download our free guides on studying techniques, anxiety management strategies, and thesis advice from Docsity tutors
Definitions and concepts related to industries, players, and competition. It covers terms such as industry, player, systems to classify firms into one or more industries, substitutability approach to identify industries, demand-side substitutability, supply-side substitutability, rivals, benefits of focus, diversified, focused, related diversification, unrelated diversification, and industry analysis. The five forces that affect the competitive situation are also discussed, including competition from rivals, competition from new entrants, competition from substitutes, relative power of customers, and relative power of suppliers.
Typology: Quizzes
1 / 4
This page cannot be seen from the preview
Don't miss anything!
a set of players that sell more or less the same thing. TERM 2
DEFINITION 2 could refer to an entire firm or to a division of a firm. Examples of entire firm: Coca - Cola Examples of divisions of the firm: Marathon a "player" in the petroleum industry as a division of USX (US Steele) TERM 3
DEFINITION 3 Standard Industrial Classification (SIC) North American Industrial Classification System (NAICS) TERM 4
DEFINITION 4 The idea here is that firms in the same industry are likely to demonstrate demand-side substitutability or supply-side substitutability or both. TERM 5
DEFINITION 5 Refers to the possibility of customers switching between suppliers. Example: a buyer of a retail checking account could buy from PNC, or Citibank, or a large number of other banks.
Refers the similarity of technologies used by the producer. Example: Campbell's is a firm with lots of knowledge and experience turning tomatoes into prepared food. I don't think they make ketchup. Heinz does. Customers looking for ketchup won't find it by Campbell's. By the demand side definition Heinz is "in" the ketchup industry and Campbell's is not. Does Campbell's have the technology to make ketchup? If they did, then under supply- side definition, we would consider both firms in the same industry TERM 7
DEFINITION 7 Are a special type of competitor, namely, those competitors that sell what you sell. Rivals may "look" different depending on how the industry is defined. Rivals could be entire firms or divisions of firms. TERM 8
DEFINITION 8 Doing one business exceedingly well. TERM 9
DEFINITION 9 Firms that are in more than one business area. TERM 10
DEFINITION 10 Firms in one business.
Competition from other players that could sell more or less similar products. Entry Barriers Economies of scale brand loyalty TERM 17
DEFINITION 17 Competition from players that sell substitute products. Brand loyalty Switching costs TERM 18
DEFINITION 18 If industry profitability is high, that industry is a more attractive arena for all rivals, on average However, whether a particular firm in the industry is profitable or not is only partly dependent on industry attractiveness.