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12BM - U4 AOS1 KK7 (long version)

Horizontales
If the point of differentiation in a business’ product is such that, for the business to make a net profit, the product’s s__ p__ needs to be significantly higher than the competitors’ substitute products, the business is unlikely to be an above-average performer.
The lower cost approach tends to be the most v__ in industries in which a large number of price-sensitive customers are present.
By definition, a costs leader has the lowest costs in its industry. As a result, to become a costs leader, a business must r__ its costs.
According to Porter, more than one business can achieve differentiation in an industry at a specific point in time, if a number of unique features are v__ by customers.
P__ differentiation involves a business using factors – such as brand names, delivery methods and advertising – to establish a point of differentiation between substitute products.
According to Porter, being a cost leader only will result in a business becoming an above-average performer in its industry if its sales price is at or near the i__ a__.
C__ are rival businesses that sell similar goods and/or services in the same market.
A c__ a__ is the attributes and/or conditions that place a business in a superior position than its competitors.
P__-s__ customers purchase products primarily based on which ones have the lowest sales price.
One way a business can create a point of differentiation is by developing a product with unique features that __ competitor provides currently.
One way a business can create a point of differentiation is by providing a greater r__ of products in the same market than the business’ competitors.
The l__ c__ approach involves a business gaining a competitive advantage by becoming a cost leader, the business with the smallest amount of expenses (ie, the lowest costs) in its industry.
Porter's Generic Strategies and Porter's key approaches to strategic management are s__.
Verticales
A ‘p__ p__’ is a sales price that is higher than the industry average for a particular product.
R__ and development (R&D) is the area of the business responsible for carrying out activities that will help create new products and/or improve existing ones.
A good or service’s s__ is an alternative good / service that can be used to achieve the same purpose.
According to Porter, if a business tries to simultaneously use both approaches to strategic management, the business will be unable to gain either type of competitive advantage. This is the case because the way in which a business needs to use its r__ to gain a cost advantage directly conflicts with how a business needs to use its resources to gain a differentiation advantage.
One way a business can create a point of differentiation is to ensure that the q__ of its products is higher than that of its competitors’ products.
A differentiation a__ is a competitive advantage gained through a business distinguishing its products from its competitors’ substitute products in a specific market or industry.
According to Porter, only o__ business in an industry can be a cost leader at a specific point in time.
Porter’s key approaches to strategic management can be used to help implement b__ c__ that will result in a business gaining one of two competitive advantages.
The d__ approach involves a business gaining a competitive advantage by making its products (ie, its goods and/or services) unique from its competitors’ substitute products in a way that is valued by its customers.
The differentiation approach often will enable a business to c__ a premium price for its products.
For the lower cost approach to increase a business' success, the sales price of the business’ products needs to be at or near the industry average because doing so will result in the business’ net profit m__ increasing.
A p__ of differentiation is a unique feature of a business’ product that distinguishes it from competitors’ substitute products in a way that is valued by customers (ie, a product’s unique selling point).
A c__ advantage is a competitive advantage gained through a business reducing or altering its costs (expenses).