Chapter 18 textbook notes, includes key points from this chapter, very organized and excellent for studying for final exam

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Department
Management and Organizational Studies
Course
Management and Organizational Studies 2320A/B
Professor
John White
Semester
Fall

Description
Chapter 18Creating Competitive Advantage 1 Understanding customers through customer analysis Move from product and selling philosophy to customer and marketing philosophyWin keep and grow customers Competitive advantage advantage over competitors gained by offering consumers greater value than competitors do Competitive marketing strategies strategies that strongly position the company against competitors and give the company the strongest possible strategic advantage 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 Steps in identifying competitors o1 Identifying the companys competitors o2 Assessing competitors objectives strategies strengths and weaknesses and reaction patterns o3 Selecting which competitors to attack or avoid Identifying Define by those offering similar products to same customers at similar prices By firms making same productclass of products Avoid competitor myopia oCompany more likely to buried by its latent competitors than its current ones Competitors by industryeg pharmaceutical industry Assessing Determining Competitors Objectives oImportance that competitor places on current profitability market share growth cash flow technological leadership service leadership and other goals oReveals whether they are satisfied with its current situation and how it might react to different competitive actions oMonitor their objetivos for varios segments Identifying Competitors Strategies oCompetitors sorted into groups that pursue different strategies oStrategic group group of firms in an industry following the same or a similar strategy in a given target market oCompetition most intense within strategic group oStrategic groups may appeal to overlapping consumer segments oCustomers may not see much difference in the offers of different groups
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