It 's Best to Keep your Customers Close and your Competitors Closer!
Get to know your competition. Know thy enemy. It is not uncommon for the online competition to be different from the brick-and-mortar competition. We believe that competitive intelligence (CI) should have a single-minded objective -- to develop the strategies and tactics necessary to transfer market share profitably and consistently from specific competitors to our clients. CI can help position a business to maximize the value of the capabilities that distinguish it from its competitors. A company that does not monitor and analyze their primary competitors will be at a disadvantage leaving its markets vulnerable. One writer philosopher once said that in order for you to be competitive and even rise above the pack, you need to know your competition and what they 're doing to be different. When you do, you 'll surely be able to create tactics that will make you stand out and hence, make a difference in your market share. I suppose you think that the business community is very hard to be a part of because you 're always competing and trying to outdo each other. Believe it or not, business is not about that. On the contrary, it 's not a blood bath all the time. In fact, business owners and marketers do it in a more classy and comfortable arena where
…show more content…
When you do find your answers, be sure to include every factor that can contribute to your success – your products and services, your operating method, your unique company qualities and customer service attitude, your values, etc. Whatever you learned from your competitive analysis can definitely help you create powerful marketing campaigns that will help you more effectively sell your products and services to your target
The company conducted a serious market research and can use the results to make the best decision.
Competition is everywhere in our daily lives. It begins from the day we are born until the day we die. Competition is just another word for challenge.
Marketing gurus and advertisement experts are all ways looking for an edge over the competition. Every business claims that its product whether, clothing, cars, or the housing market has the edge. In the sports world catches, and athletes our looking for an advantage over their opponent. Swimmers have special suits designed hoping for an edge in their race. Sprinter in track and flied are often times caught cheating using a ban substance all because their want an advantage over their challengers. What will you do to gain an advantage over your opponent? Having an advantage and doing it the right way certainly can secure an edge. Larry Osborne has written a book entitle Sticky Church which gives churches an advantage of our opponent Satan. He
In summary, “Internet activities are not most significant in competition, such as informing customers, processing transactions, and procuring inputs”. (Porter, 2001) significant corporate assets--skilled employees, proprietary product, and efficient logistical systems – these factors are the most important to keep competitive advantages. In fact, it is foreseeable that the Internet's evolution will come up in the future involve a shift “in thinking from e-business to business, from e-strategy to strategy”. (Porter, 2001)Only by integrating the Internet into overall strategy will this powerful new technology become an equally powerful force for competitive advantage.
4 company’s skills and objectives, the customers they were trying to attract, the competitors they
Competitive rivalry examines how intense the competition currently is in the marketplace, which is determined by the number of existing competitors and what each is capable of doing. (Arline, 2015).
Discuss an assessment or evaluation strategy which may be used to help determine the marketing potential of an organization.
In any form of competition, one has to set goals and a plan to achieve these goals in the future and this skill is very useful later down the road. In the movie Blind Side, The main character Michal Orr was a poor kid from a very poor background. When his family friend gets him accepted into a very well know high school he is introduced to football. He is adopted by a family that is involved in many sports and the mom makes him make a goal to play football at the University of Mississippi and he starts to excel. This is the prime example how when you have a goal you are more likely to not fall into the traps the world has. In businesses like Apple, they are constantly evolving their product to stay a step ahead of the competition. As a result, Apple is creating products that are changing the world. Competition can sometimes push us to become greater than we ever could possibly be. These new heights can bring amazing changes within a person. The agony of defeat can often drive people to become better than the rest. Sometimes when someone is at and all time low, they can often come back at an all-time high. When a rival company comes up with the newest greatest thing, companies like Apple t...
In today’s world, it’s hard to compete for accompany that don’t known well their competitors. It ‘s like walking blind into a fire. For instance, knowing a great deal on what a competitors is offering in term of products can help a company to differentiate it’s product and make it more appealing for the customers. If the competitor’s products have weakness, one could build a better product without the same weakness the competitor had and from there gain competitive advantage. Furthermore, knowing the price of the competition can allow one to set competitive prices as
Primarily, strategic marketing initiates its process through market research, thereby inculcating the optimal target customers throughout the development phase of the product or service. Market research enables the firm to identify trends from the horizon, especially by studying major competitors in the market that eventually informs the firm’s product designs and development. Strategic marketing does thus enable the company to use to researched information to differentiate products for individual client niches, which provides the firm with a competitive
A key part of an organizational strategy is to identify market opportunities by finding a niche or a gap in the marketplace that they can pursue to take their company ahead of all their competitors. An organiz...
Competitive Positioning is defined as how you will differentiate your products or services thereby creating a value for in the market. A good positioning is influenced by market profile, customer segments, competitive analysis and methods of delivering value. (Marketingmo, 2014)
We can define competitive advantage as simply what a given company excels best at. This could be the distinguishing factor as to why consumers purchase from your company and not the competition. This could also be understood from the perspective of quality that a business can create for the consumer.
Competitive strategy is the approach that an organisation takes in order to gain advantage over its competitors. According to Porter, there are two major sources of competitive advantages: costs and differentiation. Cost-based competitive advantage involves reducing production costs so that an organisation can earn higher profit margin or offer products at lower price compared to competitors. Differentiation-based competitive advantage involves offering unique properties that are not offered by competitors’ products. Differentiation allows an organisation to charge a premium for their products because they offer additional benefits to buyers.
Still in search for alternatives for competition, I stand my ground in that there are no alternatives for competition. I strongly believe that it cannot be replaced and that being competitive is only part of character and how we think. Man cannot change what goes against our nature.