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Ch 2: Competitive Advantage

About This Chapter

Watch principles of marketing video lessons and learn about strategic marketing, business plans, situation analysis and more. Each lesson is accompanied by a short multiple-choice quiz you can use to check your understanding of these topics.

Competitive Advantage

A competitive advantage is something every business wants to have when it comes to their marketing. In these lessons, you'll explore the different aspects of marketing and marketing development that lead to a competitive advantage for your business. You'll study why strategy is important and look at concepts, such as cost, products and promotion.

One of the most distinguishing aspects of a good business is a strong business plan. Acting as your business blueprint, your business plan allows you to project, develop and consider all of the aspects, roadblocks and other things that will affect your business. You'll learn how to develop a strong mission statement for your plan to give it a strong start.

Have you ever heard of the term SWOT? It is a marketing term that you will quickly become familiar with as you learn what it stands for and the different components that comprise it. You'll see how to fully use situation analysis in marketing through employing SWOT.

A deeper look into competitive advantage will allow you to study the different types of advantages your business may have. You'll discover how you may step ahead of the competition through cost, product, niche or sustainable advantages.

The lessons will go on to discuss how to identify strategic alternatives in marketing and the development of target market strategies. As you watch our video lessons, you'll also study the marketing mix. Get an explanation of product, place, price and promotion and how these things are all important to your marketing methods. Thanks for watching our videos!

7 Lessons in Chapter 2: Competitive Advantage
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.

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