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Ch 2: Competitive Advantage: Help and Review

About This Chapter

The Competitive Advantage chapter of this Principles of Marketing Help and Review course is the simplest way to master the concept of competitive advantage. This chapter uses simple and fun videos that are about five minutes long, plus lesson quizzes and a chapter exam to ensure you learn the essentials of competitive advantage.

Who's it for?

Anyone who needs help understanding the competitive will benefit from taking this course. You will be able to grasp the subject matter faster, retain critical knowledge longer and earn better grades. You're in the right place if you:

  • Have fallen behind in understanding the competitive advantage or strategic alternatives.
  • Need an efficient way to learn about the competitive advantage.
  • Learn best with engaging auditory and visual tools.
  • Struggle with learning disabilities or learning differences, including autism and ADHD.
  • Experience difficulty understanding your teachers.
  • Missed class time and need to catch up.
  • Can't access extra marketing learning resources at school.

How it works:

  • Start at the beginning, or identify the topics that you need help with.
  • Watch and learn from fun videos, reviewing as needed.
  • Refer to the video transcripts to reinforce your learning.
  • Test your understanding of each lesson with short quizzes.
  • Submit questions to one of our instructors for personalized support if you need extra help.
  • Verify you're ready by completing the Competitive Advantage chapter exam.

Why it works:

  • Study Efficiently: Skip what you know, review what you don't.
  • Retain What You Learn: Engaging animations and real-life examples make topics easy to grasp.
  • Be Ready on Test Day: Use the Competitive Advantage chapter exam to be prepared.
  • Get Extra Support: Ask our subject-matter experts any relevant question. They're here to help!
  • Study With Flexibility: Watch videos on any web-ready device.

Students will review:

In this chapter, you'll learn the answers to questions including:

  • Why is strategic marketing important?
  • What steps are involved in developing a mission statement.
  • What does SWOT mean?
  • What are the four types of competitive advantage?
  • What are the four elements found in the marketing mix?

13 Lessons in Chapter 2: Competitive Advantage: Help and Review
Competitive Advantage: The Importance of Strategic Marketing

1. Competitive Advantage: The Importance of Strategic Marketing

Companies have many options when it comes to gaining market share and increasing profits. Learn about strategic marketing and the tools companies use to their advantage.

Business Plans: How to Develop a Business Mission Statement

2. Business Plans: How to Develop a Business Mission Statement

Companies must develop an effective business mission statement in order to have an effective foundation for their marketing plan. This lesson explains what a mission statement is and the characteristics of a good business mission statement.

What is SWOT: Situation Analysis in Marketing

3. What is SWOT: Situation Analysis in Marketing

A successful business needs to know its capabilities as well as the marketplace in which it competes. In this video, learn how to define a mission statement and conduct a situational analysis.

Types of Competitive Advantage: Cost, Product, Niche & Sustainable Advantages

4. Types of Competitive Advantage: Cost, Product, Niche & Sustainable Advantages

Companies need that special something to draw in new customers and keep them coming back. Learn about competitive advantage and the different ways a company can have it.

How to Identify Strategic Alternatives in Marketing

5. How to Identify Strategic Alternatives in Marketing

Marketing managers must decide the type of strategic alternative that will be undertaken for their marketing plan. Managers can choose from four options to increase sales and profits.

Target Market Strategies for Successful Business

6. Target Market Strategies for Successful Business

If you've ever felt persuaded to buy an item by an ad, you've likely been defined as part of a target market. Though you may not know it, advertisements are created specifically for people similar to you. In this lesson, you'll learn how marketing firms identify a target market, create basic target market strategies and use a marketing mix for a product or service.

The Marketing Mix: Product, Place, Price & Promotion

7. The Marketing Mix: Product, Place, Price & Promotion

A marketing plan is the central part of the overall marketing strategy. A marketing plan's main focus is the marketing mix, which consists of product, place, promotion and price decisions. All four elements are very flexible and have many options. The main purpose of the marketing mix is to effectively communicate with the target market.

What Is a Competitive Environment in Business? - Definition, Examples, Advantages & Disadvantages

8. What Is a Competitive Environment in Business? - Definition, Examples, Advantages & Disadvantages

So many markets are flooded with firms, making them extremely competitive. This lesson will provide examples and discuss the pros and cons of being in a competitive business environment.

What Is a Value Chain? - Definition, Analysis & Example

9. What Is a Value Chain? - Definition, Analysis & Example

This lesson discusses what a value chain is and how it can help a business meet the needs of customers. It also provides an analysis of the effectiveness of the value chain actions.

What Is Brand Loyalty in Marketing? - Definition & Examples

10. What Is Brand Loyalty in Marketing? - Definition & Examples

Do you always drink the same brand of soda or coffee? If so, why? In this lesson, you'll learn about brand loyalty. You'll also have a chance to take a short quiz after the lesson.

What is Competition in Marketing? - Definition & Types

11. What is Competition in Marketing? - Definition & Types

The personal tablet and smartphone are two examples of how competition can drive innovation. This is just one effect of competition and in this lesson, we will explore other effects and types. A short quiz will test your knowledge.

What Is Consumer Behavior in Marketing? - Factors, Model & Definition

12. What Is Consumer Behavior in Marketing? - Factors, Model & Definition

The lesson addresses consumer behavior in marketing. Consumer behavior is explained and the way companies learn about consumer behavior is discussed. The way that marketing benefits from understanding consumer behavior is examined.

What Is Feedback in Marketing? - Definition, Systems & Examples

13. What Is Feedback in Marketing? - Definition, Systems & Examples

In this lesson, we will cover the meaning of feedback marketing and the different types of strategies companies use to receive customer feedback. Learn more about customer focused marketing and test your knowledge with a quiz.

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