K201 Final Exam Vocab

A product or service that an organization’s customers place a greater value on than similar offerings from a competitor

Occurs when an organization can significantly impact its market share by being first to market with a competitive advantage

Helps to determine the relative attractiveness of an industry and includes the following five forces: buyer power, supplier power, threat of substitute products or services, threat of new entrants, rivalry among existing competitors

In the Five Forces Model is high when buyers have many choices of whom to buy from and low when their choices are few

Rewards a customer based on the amount of business they do with a particular organization

In the Five Forces Model is high when buyers have few choices of whom to buy from and low when their choices are many

Consists of all parties involved, directly or indirectly, in the procurement of a product or raw material

An internet-based service that brings together many buyers and sellers

Is a B2B marketplace in which a single buyer posts its needs and then opens the bidding to any supplier who would care to bid

An auction format in which increasingly lower bids are solicited from organizations willing to supply the desired product or service at an increasingly lower price

In the Five Forces Model is high when there are many alternatives to a product or service and low when there are few alternatives from which to choose

Are costs that can make customers reluctant to switch to another product or service

In the Five Forces Model is high when it is easy for new competitors to enter a market and low when there are significant entry barriers to entering a market

Is a product or service feature that customers have come to expect from an organization to compete in a particular industry and must be offered by an entering organization to compete and survive

In the Five Forces Model is high when competition is fierce in a market and low when competition is more complacent