Strategic thinking – Vocabulary and Phrases
mission – the purposes and aims of a company or organisation
Panel members are committed, in their Mission Statement, to ensure expert, independent, unbiased quality service to all parties.
strategy – a plan or series of plans for achieving an aim, also, the process of skilful planning in general
IKEA's strategy includes selling low-cost ready to assemble furniture, displaying every product in room-like settings.
competitive advantage/edge – superior products, performance, etc. that a competitor can offer in relation to others
Organizations that sincerely believe human capital is their competitive advantage typically hire and retain the best workers.
ferocious, fierce, tough, intense, stiff, cut-throat competition – extreme
The airline has faced fierce competition from regional and low-cost carriers, some of whom can afford more attractive packages for pilots.
low-key competition – of reduced intensity
The business is growing thanks to a low key competition.
start-ups – completely new companies
Many start-ups struggle to find enough funds or clients to get going.
competing products – products aiming to outdo another for profit, market share, etc.
If the consumer sees no real difference between two competing products, he or she will usually buy the lower priced one.
competitive position – where a company is in relation to its competitors in terms of size, growth, etc.
To strengthen their technical offering and defend their competitive position, many companies are developing new part designs and concepts.
competitive threat – something that one competitor may do to weaken another's position
The growing Chinese economy presents a competitive threat to U.S. auto suppliers.
low/high entry barriers – industries where a small/massive amount of capital is needed
Companies outside of Japan are prevented from competing in the Japanese market due to high entry barriers and trade barriers.
trendsetters – a person or thing that establishes a new trend or fashion.
While the U.S. is catching up quickly, trendsetters in Europe have been leading the way when it comes to incorporating advertising into their retail centres.
first mover advantage – A form of competitive advantage that a company earns by being the first to enter a specific market or industry
Using the first mover advantage for growth, Klako Group opened offices in Beijing, Shanghai and Shenzhen besides its Hong Kong headquarters.
cartel – A small group of producers of a good or service who agree to regulate supply in an effort to control or manipulate prices.
EU is going to investigate rumours that Carlsberg was involved in a cartel with other European brewers.
monopoly – A situation in which a single company or group owns all or nearly all of the market for a given type of product or service. By definition, monopoly is characterized by an absence of competition.
A federal judge declared that Microsoft Corp. possesses monopoly power in the market for PC operating systems and harmed consumers through its anti-competitive behaviour.
oligopoly – A situation in which a particular market is controlled by a small group of firms.
The powerful position of Britain's supermarket chains has created an oligopoly, with a very few players controlling virtually all outlets for food.
anti-trust/competition laws – laws regulating business practices that limit free choice, competition, and economic efficiency in markets.
Ever since the US introduced anti-trust laws to stop JD Rockefeller from monopolizing the oil market in the 1890s, markets have been regulated.
perfect competition – A market structure in which the following five criteria are met: all firms sell an identical product, are price-takers, have a relatively small market share, buyers know the nature of the product being sold and the prices charged by each firm, and the industry is characterized by freedom of entry and exit.
Corn production enjoys perfect competition between two million farms.
to defend a market – to try to prevent competitors from being successful in it
The corporate objective for the company was to defend the market from larger businesses who were trying to increase their share of the market
to attack a market – to start selling in it for the first time
Japanese companies especially attack the market with new products and aggressive pricing.
to establish a foothold/toehold in a market – to occupy a small part of it first in preparation for gaining a larger part.
Within 5 years the investment had paid off, and Ballantine's established a foothold in the European market and has consistently grown in market share.
to invade a market – to start to be very successful in it
Sam's has invaded the market, and now operates about eight clubs, compared to an approximate 15 clubs for PriceCostco.
to dominate a market – to be the biggest competitor in it
The medical device market in Mexico is dominated by imported products, principally from the USA.
to withdraw from a market – to stop selling in it
The drug was withdrawn from the market because of health risks that slipped through its review process.
patent, to apply for – the exclusive right granted by a government to an inventor to manufacture, use, or sell an invention for a certain number of years.
Two years after the 1932 discovery of the neutron, Szilard applied for a patent for his concept of a nuclear chain reaction.
royalties, royalty payment – an agreed portion of the income from a work paid to its author, composer, etc., usually a percentage of the retail price of each copy sold.
Larry was receiving royalties on every Space Wars sold, almost $50 per game shipped.
copyright – a set of exclusive rights regulating the use of a particular expression of an idea or information. At its most general, it is literally "the right to copy" an original creation.
The manual is copyright protected and should not be reproduced in any manner.
copyright infringement – when someone uses another's text, pictures, etc. without permission
Reproducing the layout and site design is a copyright infringement and is therefore denied.
intellectual property – the area of law relating to patents and copyright
The majority of people believe buying pirated goods is immoral and infringes intellectual property rights, but many continue to purchase them anyway.
prototype – the original or model on which something is based or formed.
Nikol A-2 was a prototype of a Polish amphibious flying boat built in 1939 by Jerzy Nikol.
breakthrough – any significant or sudden advance, development, achievement, or increase, as in scientific knowledge or diplomacy, that removes a barrier to progress
the HP LaserJet is considered a breakthrough in the industry because it offers similar performance to mainstream copiers – up to 45 pages per minute.
price war – a period during which several competitors aggressively lower their prices in an effort to build up market share
We've got into a price war with the competition. If we go down any further we won't have any margin left at all.
product research – looks at what products can be produced with available technology, and what new product innovations near-future technology can develop
The site is loaded with pop-ups but after doing some product research, I found that to be about the only complaint about the company.
clinical trial – the scientific investigation of a new treatment that has shown some benefit in animal or laboratory studies, but that has not yet been proven effective in humans.
The cream underwent a clinical trial and the tests found the lotion killed bacteria within seconds of being applied.
omnibus survey – a method of quantitative marketing research where data on a wide variety of subjects is collected during the same interview.
Survey results are based on 1400 respondents in an omnibus survey conducted February 11-25, 2005 in New Delhi.
price fixing – Establishing the price of a product or service, rather than allowing it to be determined naturally through free market forces
The Court found that Hasbro, Argos and Littlewoods had been involved in price fixing and imposed substantial penalties on the three companies.
tying – the practice of making the sale of one good (the tying good) to the de facto or de jure customer conditional on the purchase of a second distinctive good (the tied good).
Microsoft was sued for tying Internet Explorer to Windows because it had such a dominant position in the operating systems market.