MGMA01H3 Lecture : Competitive Advantages
Document Summary
Competitive advantages: require delivering more value and satisfaction to target consumers. Competitive marketing strategies: how companies analyze their competitors and develop value-based strategies for profitable customer relationships. When competitors don"t have it, i create it. When competitors have it, i make it better. When competitors make it better, i make it cheaper. When competitors make it cheaper, i abandon it. Identifying competitors: all firms making the same product or class of products, all firms making products that supply the same service, all firms competing for the same consumer dollars. Benchmarking is the process of comparing the company"s products and processes to those of the competitors or leading firms in other industries to identify best practices and find ways to improve quality or performance. Selecting competitors to attack or avoid: strong or weak competitors, close or distant competitors, good or bad competitors.
