How well a offering meets its customers needs.

When noone can improve their position in the equal market.

When the supply meets the demand. The price is set by the competitive equilibrium.

Factors that change competition on the market. It can be bargaining power, new entrants, or rivalry.

Constantly checking the firm’s market for competitors, activites, affect, and the response. It is legal and uses information free to the public.

A way to request proposals from contractors. The contract is sent in and negotiations begin. If the bid doesn’t match than another is considered. The process is done when the winner is

A place in the market where a firm can compete.

Making a firm’s budget based on the competitions spending. It assumes similar objectives. Reer to adaptive control method, affordable method, objectives and task method, and percentage of sales method.

The place a firm sits based on its competition in the market.

The lower price offered to make the buyers want the product more.

An asset sold that can make a profit based on price, quality, and sevice. It is better than what is already out there.

Buying using quotes from suppliers in whice the best one is chosen based on price and product. AKA competitive proposals.

A range or bids used for minimum requirements. Anything outside this range is not taken seriously.

The loss that will result in a decline in competitive edge.

The business areas a firm can do well in based on cost and leadership.

A requirement that allows bidder to compete.

A plan to help a company get the competitive edge against their rival. Its a long term strategy used to discredit the other firm.

The current state of a product in its market and other information like competitors, strength, demand, supply, and ease of entry in the new market.

A general process where a company acquires goods or services by extending to suppliers an invitation to tender a proposal. In general, the tender with the lowest price wins the order, although

How a firm can offer products to meet standards of the market at good prices to get profits.