About This Chapter
Elements of Competitive Advantage - Chapter Summary
Information from this chapter offers insight concerning strategies for building and maintaining competitive advantages in business. Employees who complete these lessons will increase their knowledge on the following topics:
- Different kinds of competitive advantages
- Strategic marketing options
- Steps for attaining competitive advantages
- Maintaining a competitive position in the market
We have broken up this chapter into several brief lessons, giving your employees more time to investigate different types of competitive advantages. From their studies of our materials, they can determine which type of advantage may be best suited for your organization. You can evaluate whether your employees have gained a deeper comprehension of strategic marketing maneuvers by having them answer questions on the included quizzes or chapter exam.
How It Helps
- Increases market trend awareness: Learning how to analyze the advantages of your competitors and your own organization also teaches managers about noticing changes in market trends.
- Enhances internal analysis skills: You can't compare your organization against your competitors unless you improve your ability to examine the internal strengths and shortcomings of your own strategic marketing platform first.
- Emphasizes better decision-making practices: Your managers can learn about a number of strategic marketing alternatives, but that information is meaningless unless they know how to choose which one will best increase the bottom line for your specific business.
At the close of this chapter, employees will possess the skills to:
- Spot unique traits of an organization that make it more prosperous in the market
- Design strategic marketing plans to create or improve a company's competitive advantage
- Increase the longevity of a competitive advantage through developing a maintenance strategy
- Describe the benefits and disadvantages to different strategic marketing plans
1. 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.
2. 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.
3. 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.
4. Practical Application: Choosing Strategic Alternatives in Marketing
The lesson How to Identify Strategic Alternatives in Marketing covers four methods that companies can use to increase sales and profits. Let's review how to apply your understanding of these options and learn the questions to ask when selecting one.
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Other chapters within the Strategies for Competitive Advantage course