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Ch 25: PLACE Business Education: Competitive Advantage

About This Chapter

Use this chapter to study target market strategies, situation analysis and more. Video lessons and quizzes are designed to help you review these competitive advantage topics and prepare you for your PLACE Business Education exam.

PLACE Business Education: Competitive Advantage - Chapter Summary

If you're getting ready to sit for the PLACE Business Education exam, check out this chapter on competitive advantage. You can re-examine its significance in product marketing and review factors for consideration when developing a marketing campaign strategy. Lessons cover the following topics:

  • Strategic marketing
  • Business mission statements
  • Situation analysis
  • Types of competitive advantage
  • Strategic alternatives in marketing
  • Target market strategies
  • The marketing mix
  • Customer satisfaction

Watch the video lessons in this chapter to discover what topics could be included on the exam, and take the multiple-choice quizzes to identify areas that could use some extra study time. Text transcripts are also included to help you brush up on marketing and business vocabulary terms.

PLACE Business Education: Competitive Advantage Chapter Objectives

Prospective business education teachers in Colorado will need to meet state licensing requirements, which include earning passing scores on the PLACE Business Education exam. This test consists entirely of multiple-choice questions.

Lessons included in this chapter can hone your knowledge of marketing and competitive advantage principles to prepare for questions found in the exam's business management and communication content domain. This part of the test will require you to demonstrate your understanding of product development, retailing, merchandising and customer service, among other topics.

8 Lessons in Chapter 25: PLACE Business Education: Competitive Advantage
Test your knowledge with a 30-question chapter practice test
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 Customer Satisfaction? - Definition & Examples

8. What is Customer Satisfaction? - Definition & Examples

Customer satisfaction is essential for business success in today's marketplace. In this lesson, you'll learn what customer satisfaction is and be provided some examples. A short quiz follows the lesson.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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Other Chapters

Other chapters within the PLACE Business Education: Practice & Study Guide course

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