Management and Organizational Studies 2320A/B : Creating Competitive Advantage Ch 18.docx

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: Angela White

Document Summary

Competitor analysis the process of identifying, assessing and selecting key competitors. Competitors can include: all firms making the same product of class of products, all firms making products that supply the same service, all firms competing for the same consumer dollars. Competitor"s objectives: profitability, market share growth, cash flow, technological leadership, service leadership. Competitor"s strategies: strategic group offers the strongest competition. A group of firms in an industry following the same or similar strategies in a given target market. Benchmarking the process of comparing the company"s products and processes to those of the competitors or leading firms in other industries to identify best practices and find ways to improve quality or performance. Blue ocean strategy finding uncontested market spaces. Identifies competitive information and the best sources of this information. Sends key information to relevant decision makers. Entrepreneurial marketing involves visualizing an opportunity and constructing and implementing flexible strategies. Formulated marketing involves developing formal marketing strategies and following them closely.