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Chapter 18

Chapter 18-Competitive Advantage

8 Pages

Management (MGM)
Course Code
Alison Jing Xu

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Chapter 18- CREATING COMPETITIVE ADVANTAGE To win in todays market not only do firms have to manage products they have to manage customer relationships as well Competitive Advantage An advantage over competitors gained by offering consumers greater value than competitors do o This translates to customer advantages from the consumers point of view Competitor Analysis The 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 advantage COMPETITOR ANALYSIS o Identifying Competitors Competitors can be identified as other organizations that are directly competing in the sense that they are targeting the same class or organizations that are providing essentially the same service (Ritz- Carlton vs. Bed and Breakfast) Companies have to avoid competitor myopia Two points of view for identifying the competitors is either from the industry point of view firms in the same industry or the market point of view companies that are trying to satisfy the same need or build relationships with the same customer group o Assessing Competitors Determining Competitors Objectives Knowing 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 must also monitor the objectives for various segments: if they discover a new segment then the company has an opportunity Identifying Competitors Strategies www.notesolution.com
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