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MGMA01H3 (184)
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Chapter 18

Chapter 18 Marketing.docx

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University of Toronto Scarborough
Management (MGM)
Angela Xu

Chapter 18Creating Competitive Advantage Learning objectives 1 Discuss the need to understand competitors as well as customers through competitor analysis 2 Explain the fundamentals of competitive marketing strategies based on creating value for customers 3 Illustrate the need for balancing customer and competitor orientations in becoming a truly marketcentred organization Competitor analysis Competitive advantage an advantage over competitors gained by offering consumers greater value than competitors doCompetitor analysis the process of identifying key competitor assessing their objectives strategies strengths and weaknesses and reaction patterns and selecting which competitors to attack or avoidCompetitive marketing strategies strategies that strongly position the company against competitors and give the company the strongest possible strategic advantage Identifying competitorsCompetitors can be identified as other organizations who are making the same product or class of productsCompanies need to be careful with competitor myopia ignoring potential competitors rather than current competitorsCompanies can identify their competitors from two points of view either from the industry point of view or the market point of view ie Pepsi sees soft drinks as industry competitors while water energy drinks fruit juice are market competitors Assessing competitorsDetermining competitors objectives o 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 goals o 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 o Opportunities to expand or monitor newdifferent segments
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