About This Chapter
Gaining Competitive Advantage - Chapter Summary
The expert instructors who lead these lessons teach your employees about the particular tools and strategies they'll need to win new customers and help your company become more competitive and profitable. The following concepts can be learned from this chapter:
- How to achieve competitive advantage with corporate strategies
- Common kinds of business and target market strategies
- The components of Ansoff's matrix
- Porter's generic strategies
- Business intelligence tools
- Product positioning
Employees will become well-acquainted with low-cost and focus strategies for businesses as well as market penetration and differentiation tools that they can use to make your company more successful by watching this chapter's brief and engaging video lessons. You can measure your employees' grip on how to outperform the competition with the practice quizzes that capture the major points of each lesson.
How It Helps
- Expands options: Employees will become aware of multiple avenues that can be taken in order to gain an edge over the competition.
- Fosters originality: Employees learn how to make your company's products and services stand out from the competition's offerings.
- Influences decisions: Familiarity with business intelligence technology helps employees learn to use collected information to make decisions and gain a competitive edge.
By the end of this chapter, your employees will be able to:
- Decide which business strategies can best help your company acquire a competitive advantage
- Correctly identify target markets to maximize profits
- Know the reasons that your company would use market positioning or repositioning to find new customers
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. 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.
4. Practical Application: Porter's Generic Strategies
The strategies companies use to gain a competitive edge shape the way they do business. This scenario will ask you to think about Porter's generic strategies and how they play out in business.
5. 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.
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.
7. Positioning and Differentiation in Consumer Marketing
Consumers' perceptions of products and brands are influenced by the marketing and promotional plan. Marketers must identify the key characteristics that are important to the target market and then ensure that their product stands out in the minds of the consumers as the best choice for purchase.
8. Business Intelligence (BI): Organizing, Categorizing and Accessing Data
Business Intelligence uses specialized information systems to gain a competitive edge in the marketplace. Learn about some of the specific tools used in Business Intelligence.
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