COMPETITIVE ADVANTAGE AND MARKETING

Mar 30th, 2015
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The notes contains 1. Definition of competitive advantage 2. Competitive analysis 3. Competitive strategies 4. Balancing customer and competitor orientations 5. Porters five forces 6. Marketing conclusion 7. References

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MARKETING PRINCIPLES TOPIC: COMPETITIVE ADVANTAGE AND MARKETINGTABLE OF CONTENTS1. Definition of competitive advantage2. Competitive analysis3. Competitive strategies4. Balancing customer and competitor orientations5. Porters five forces6. Marketing conclusion7. References8. What is Competitive Advantage?Competitive advantage is being able to do something that the customer wants better than your competitors. It is an advantage over competitors gained by offering consumers greater value than competitors offer. A superiority gained by an organization when it can provide the same value as its competitors but at a lower price, or can charge higher prices by providing greater value through differentiation. Competitive advantage results from matching core competencies to the opportunities.It comes from developing a product or service that the customer wants to buy and then being able to defend against attempts by your competitors to copy or surpass it.How can we develop a competitive advantage?Develop one or more distinctive competencies in areas that the company's customers perceive is important.What the customer considers important is called value.Competitive AnalysisThis is the 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 analyzing competitors Identifying the company's com

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