MKBU 3225 Chapter Notes - Chapter 18: Competitor Analysis, Competitive Intelligence, Competitive Advantage
3 Oct 2016
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Competitive advantage: an advantage over competitors gained by offering consumers greater value. Competitor analysis: identifying key competitors; assessing their objectives, strategies, strengths & weaknesses, & reaction patterns; & selecting which competitors to attack/avoid. Competitive marketing strategies: strategies that strongly position the company against competitors & give it greatest possible competitive advantage. Competitors are all firms that compete for same consumer dollars. Determining competitors" objectives: knowing competitor"s mix of objectives reveals whether competitor is satisfied w/ current situation & how it might react to different competitive strategies. Identifying competitors" strategies: strategic group: group of firms in an industry following same/similar strategy, members of strategic group are key competitors w/ each other. Assessing competitors" strengths & weaknesses: benchmarking: comparing company"s products & processes to those of competitors/leading firms in other industries to identify best practices & find ways to improve quality & performance.
