About This Chapter
Gaining a Competitive Retail Advantage - Chapter Summary
Studying the basics of gaining a competitive retail advantage is simple using this chapter's engaging lessons. Created by expert instructors, these lessons closely examine different types of business strategies, including Porter's generic strategies, target market strategies and much more. Explore the lessons at your own pace, and take the accompanying quizzes to assess your understanding of key concepts. Any questions that arise during your review of this chapter can be submitted to our experts via the Dashboard. Around-the-clock computer and mobile access lets you study whenever and wherever you desire. Upon completion of this chapter, you will be able to:
- Explain how to adapt corporate strategies for competitive advantage
- Identify and discuss different types of competitive advantage
- Describe the importance of competitive advantage in strategic marketing
- Exhibit knowledge of Ansoff's product/market matrix for competitive strategies
- Define and share an example of a value chain
- Provide a detailed description of retail innovation and competitive advantage
1. Different Types of Business Strategies
Businesses are in business to make money. In order to accomplish this objective, a business may employ different business strategies in order to win over customers and generate profit. In this lesson, you'll learn about some of the common strategies.
2. Adapting Corporate Strategies for Competitive Advantage
The lesson will identify and discuss several strategies that can be utilized by corporate organizations. These strategies can be used to gain a competitive advantage in the market and methods that create value for organizations.
3. 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.
4. 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.
5. Porter's Generic Strategies: Low Cost, Differentiated & Focus
Michael Porter, author of 'Competitive Advantage,' suggested in 1985 that all companies pursue one of three general strategies. In this lesson, we'll learn what those strategies are and when each is appropriate to use.
6. Ansoff's Product/Market Matrix for Competitive Strategies
Growing a business takes planning and purpose. In this lesson, you'll learn about Ansoff's Matrix and what it means for new and existing products in new and existing markets.
7. 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.
8. 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.
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Other chapters within the Business 328: Retail Innovation course
- Introduction to Retail Innovation
- Strategic Retail Perspectives
- Evaluating Retail Innovation
- Identifying Long-Term Trends in Retail
- Intrapreneurship in Retail Management
- Product & Process Innovation
- Innovation & the Customer Experience
- Innovation through Greentailing
- Retail Innovation: Opportunities & Threats