Ch 58: WEST Business & Marketing Education: Competitive Advantage

About This Chapter

Brush up on the types of competitive advantages and importance of strategic marketing. Watch entertaining videos and take practice quizzes to prepare for the WEST Business & Marketing Education teacher certification exam.

WEST Business & Marketing Education: Competitive Advantage - Chapter Summary

Use the lessons in this chapter to review the steps for using strategic marketing to create an effective marketing plan. The videos also explore topics in the types of competitive advantages, SWOT analyses and the marketing mix. Some of the subjects included in this chapter are:

  • Strategic marketing
  • Business plans and mission statements
  • Situation analysis
  • Competitive advantages
  • Strategic alternatives
  • Target marketing
  • The four Ps

Our entertaining videos use both illustrations and examples to present key business and marketing principles in a way that is easy to understand -- and remember. After watching the videos, you can use the lesson transcripts to review key vocabulary words and take the multiple-choice quizzes that link back to specific topics in the videos.

WEST Business & Marketing Education: Competitive Advantage Objectives

The WEST Business & Marketing Education test is used to check the skills of those seeking a credential for teaching business and marketing in Washington. You'll have two hours and 30 minutes to complete the 110-question, computer-based test. This exam includes questions from five main content areas, and the topics covered within this chapter may be encountered in the entrepreneurship and marketing content area. This content makes up about 22% of the test questions. Prepare for questions on the role of competitive advantage and identifying strategic alternatives in marketing through the videos and quizzes in this lesson.

6 Lessons in Chapter 58: WEST Business & Marketing 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.

What is SWOT: Situation Analysis in Marketing

2. 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

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.

How to Identify Strategic Alternatives in Marketing

4. 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

5. 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

6. 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.

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

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