rformance, commonly addressing such areas as profitability, productivity, growth, and other key aspects of a business.Core CompetenciesA unique set of capabilities that a company develops in key operational areas that allow it to vault past competitors.Market SegmentationCarving up the mass market into smaller, more homogeneous units and then attacking each segment with a specific marketing strategy designed to appeal to its membersPositioningPositioning the company in the market involves influencing customers’ perceptions to create the desired image for the business and its goods and services.Key Success FactorsRelationships between a controllable variable and a critical factor influencing a company’s ability to compete in the market.Competitive Profile MatrixA tool that allows a business owner to evaluate his company against major competitors on the key success factors for that market.StrategyA road map of the tactics and actions and entrepreneur draws up to fulfill the firm’s mission, goals, and objectives.Cost Leadership StrategyA strategy in which a company strives to be the lowest-cost producer relative to its competitors in the industry.Differentiation StrategyA strategy in which a company seeks to build customer loyalty by positioning its goods or services in a unique or different fashion.Focus StrategyA strategy in which a company selects one or more segments of a market, identifies their special needs, wants and interests, and offers them a good or service designed to excel in meeting those needs, wants and interests.StrengthsPositive external factors that contribute to a company’s ability to accomplish its mission, goals and objectives.WeaknessesNegative internal factors that inhibit a company’s ability to accomplish its mission, goals and objectives.OpportunitiesPositive external options that a business could exploit to accomplish its mission, goals and objectives.ThreatsNegative external forces...
