Creating competitive advantage, Marketing Management

Assignment Help:

Creating Competitive Advantage

In marketing two key trends for the twenty-first century are: (a) the trend toward the utilization of relationship marketing to develop customer satisfaction; and (b) the trend toward in-depth competitor analysis as a means of recognizing the company's major competitors (by using both an industry and market-based analysis) and nearly examining and formulating strategy to deal with competitors' objectives, strengths, strategies and weaknesses, and reaction patterns.

A company must consider its competitors to be successful, as well as its real and potential customers. In the procedure of performing a competitor analysis, the company analyzes and gathers information carefully on competitors' strategy and programs. A competitive wise system helps the company obtain and manage competitive information. The company has to then select a competitive marketing strategy of its own. The strategy selected depends on the company's industry position and its opportunities, objectives and resources. In the chapter many basic competitive strategies are outlined. Some of these are time-tested and relatively new. The first is that of the market leader that faces three challenges: expanding the overall market, defensive market share, and expanding market share. The market leader is interested in discovering ways to expand the overall market because it will benefit most from any growing sales. The leader must also have an eye toward defensive its share. Many strategies for accomplish this protection task are presented. Aggressive leaders also attempt to expand their own market share. The second position is of the market challenger. It is a firm that insistently tries to expand its market share by attacking the manager, other runner-up firms, or smaller firms in the industry. The third position is of the market follower which is designated like a runner-up firm that select not to rock the boat (typically out of fear that it stands to lose more than it may gain). At last, the market niche is a position choice open to smaller firms that serve some of the part of the market that is not likely to draw the attention of the big firms. These firms frequently survive by being specialists in some of the function that is striking to the marketplace. The competitive analysis of the four competitive position options existing. This information may be used by every mid-level tactical planner who seeks insight into competitive scheme dynamics.


Related Discussions:- Creating competitive advantage

Homework, Suppose a greeting card is 4 inches long on one side. About how l...

Suppose a greeting card is 4 inches long on one side. About how long should the other side of the card be in order for it to be a Golden Rectangle?

Market segmantation, what are the reasons for market segmentation and its a...

what are the reasons for market segmentation and its advantages

Importance of advertising in marketing communications mix, Problem 1 Yo...

Problem 1 You are the marketing manager of a bank and you want to persuade the general manager that it is important to include advertising in your organizations marketing commu

Handbills and coupons, Handbills and coupons Handbills and coupons are...

Handbills and coupons Handbills and coupons are letter size or small sheets of paper that are generally printed from both sides. Advertising distribution companies will compil

Advertisement and society marketing, What significant points are covered in...

What significant points are covered in the Advertisement and Society Marketing? Advertisement and Society: Several points which are covered in the Advertisement and Socie

Advantages of product branding to producers, Advantages to producers 1...

Advantages to producers 1.       Easy to advertise: when the product or producers of an enterprise are marked with a particular brand, it makes very easy for the enterprise

Characteristics of marketing planning, Characteristic of Marketing Planning...

Characteristic of Marketing Planning: 1. marketing planning is a formal and syatematic approach towards planning of all marketing activites product positioning price setting di

Bassic strategy and organizational of resources, what is basic strategy and...

what is basic strategy and organizational of resources

Pricing strategy:, Should pricing reflect the cost of making the product, b...

Should pricing reflect the cost of making the product, by an economic value approach, or should prices reflect the perceived value of the product

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd