BUS 478 Lecture Notes - Lecture 5: Reverse Engineering, Size Small
14 Sep 2016
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Level of competition framework: product form only the products that look the same. Diet colas hamburger fast food restaurants: product category products that with similar features. Must react as soon as possible, as it is a short term problem: generic products addressing similar customer needs. Beverages mainstream restaurants: budget dollar product or services competing for the same customer dollar. Food and entertainment any food and beverage outlets. Can react in the future, as it is a long term problem. Can be direct or indirect, big or small, relevant or irrelevant, seen or unseen. World class companies and products usually come from highly competitive markets, because there is a need to be excellent in those markets in order to succeed. Competitors, who they are and what they do, have direct implications to strategy. What the firm ultimately ends up doing could be a result of the competition. The ability in acting and responding to competition is a key competitive advantage.
