Competitive advantage – An advantage over competitors gained by offering consumers great value, either through lower prices or by providing more benefits that justify higher prices. | Competitive strategy 1 AGENDA Competitor analysis Competitive strategies 2 terms Competitive advantage – An advantage over competitors gained by offering consumers great value, either through lower prices or by providing more benefits that justify higher prices Competitor analysis – the process of identifying key competitors; assessing their objectives, strategies, strengths and weaknesses and reaction patterns; and selecting which competitors to attack or avoid. Competitive marketing strategies – strategies that strongly position the company against competitors and that give the company the strongest possible strategic advantage Identifying competitors Competitor Analysis Steps in analysing competitor 4 Assessing competitors Competitor Analysis Determining competitors’ objectives Identifying competitors’ strategies Strategic group: a group of firms in an industry following the same or a similar strategy Assessing competitors strengths and weakness Benchmarking – the process of . | Competitive strategy 1 AGENDA Competitor analysis Competitive strategies 2 terms Competitive advantage – An advantage over competitors gained by offering consumers great value, either through lower prices or by providing more benefits that justify higher prices Competitor analysis – the process of identifying key competitors; assessing their objectives, strategies, strengths and weaknesses and reaction patterns; and selecting which competitors to attack or avoid. Competitive marketing strategies – strategies that strongly position the company against competitors and that give the company the strongest possible strategic advantage Identifying competitors Competitor Analysis Steps in analysing competitor 4 Assessing competitors Competitor Analysis Determining competitors’ objectives Identifying competitors’ strategies Strategic group: a group of firms in an industry following the same or a similar strategy Assessing competitors strengths and weakness Benchmarking – the process of comparing the company’s product and processes of leading competitors in the industry Estimating competitors’ reactions 6 Selecting competitors Competitor Analysis Strong or weak competitors Customer value analysis – analysis conducted to determine what benefits target customers value and how they rate the relative value of various competitor’ offers Close or distant competitors Good or bad competitors 7 Intelligence system Competitor Analysis Cost in money and time of gathering competitive intelligence is high The competitive intelligence system identifies the vital types of competitive information and the best resources of this info The system continuously collects information from the field The system checks information for validity and reliability, interprets and organises in an appropriate way It sends key information to relevant decision makers and responds to enquiries from managers 8 Approaches mkt strategies Competitive Strategies 9 approaches Entrepreneural marketing – companies .
