Textbook Notes (368,330)
Canada (161,803)
MGMA01H3 (184)
Chapter 18

Chapter 18 Notes

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Management (MGM)
Tarun Dewan

Chapter 18: Competitive advantage an advantage over competitors gained by offering consumers greater value than competitors do How companies analyze their competitors and develop successful, value-based strategies for building and maintaining profitable customer relationships 1) 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 2) competitive marketing strategies strategies that strongly position the company against competitors and give the company the strongest possible strategic advantage Competitor Analysis Constantly compare its marketing strategies, products, prices, channels, and promotions with those of close competitors o Can find areas of potential advantage and disadvantage 1. Identifying Competitors a. Company might define competitors as all firms making the same product or class of products b. Avoid competitor myopia a company more likely to be buried by its latent competitors that its current ones c. Identify competitors from the industry point of view and market point of view 2. Assessing Competitors a. Determining Competitors Objectives i. 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 1. Reveals whether the competitors is satisfied with its current situation and how it might react different competitive actions www.notesolution.com
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