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MGMA01H3 (184)
Chapter 18

Chapter 18 Notes

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University of Toronto Scarborough
Management (MGM)
Alison Jing Xu

Chapter 18 Creating Competitive Advantage Notes competitive advantage an advantage over competitors gained by offering consumers greater value than competitors do competitor analysis process of identifying key competitors; assessing their objectives, strategies, strengths and weaknesses, and reaction patterns; and selecting which competitors to attack or avoid competitive marketing strategies strategies that strongly position the company against competitors and give the company the strongest possible strategic and competitive advantages Competitor Analysis identifying the companys competitors assessing competitors objectives, strategies, strengths and weaknesses, and reaction patterns selecting which competitors to attack or avoid Identifying Competitors at the narrowest level, a company can define its competitors as other companies offering similar products and services to the same customers at similar prices; but companies actually face a much wider range of competitors the company might define competitors as all firms making the same product or class of products even more broadly, competitors might include all companies making products that supply the same service finally, and still more broadly, competitors might include all companies that compete for the same consumer dollars companies can identify their competitors from the industry point of view or from the market point of view in general, the market concept of competition opens the companys eyes to a broader set of actual and potential competitors Assessing Competitors Determining Competitors Objectives the company wants to know the relative importance that a competitor places on current profitability, market share growth, cash flow, technological leadership, service leadership, and other goalsknowing a competitors mix of objectives reveals whether the competitor is satisfied with its current situation and how it might react to different competitive actions a company also might monitor its competitors objectives for various segments Identifying Competitors Strategies strategic group a group of firms in an industry following the same or similar strategy in a given target market although competition is most intense within a strategic group, there is also some rivalry among groups(1) some of the strategic groups may appeal to overlapping customer segments; (2) the customers may not see much difference in the offers of difference
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