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competitive adv

Marketing lecture 13 competitive advantages

TermDefinition
competitive advantage (=costomer's advantage) more value and satisfaction to target consumers
competitors firms offering similar products and survices to the same costomers at similar prices
strong or weak competitors most companies prefer to compeate agaist weak competitors...requires fewer resources and less time
close or distant competitors compete with those that resemble them the most
benefits of competitors -helps increase total demand -shares the cost of market and product development -leads to more product differentiation -lowers the antitrust risk
3 competitive strategies 1.enterpremeurial marketing 2.formulated marketing 3.interpreneurial marketing
enterpremeurial marketing -marketing activities of small and new ventures -marketing with an enterpremeurial mindset
formulated marketing More formukated marketing than enterpremeurial marketing. Develop formal marketing strategies.
interpreneurial marketing large companies that reestablish within their companies enterpreneural spirit.
why business differentation is important 1.differentation sets your buisiness apart from the others in the field 2. makes you special and unique for consumers 3. create an element of monopoly power for yourself(in that no other company in the market is selling a product identical to yours
Competitive positions 1.market leader 2. market challengers 3.market followers 4.market niches
market leader with the largest market share and leads the market price changes, product innovations, distribution coverage, and promotion
market challengers fighting to increase market share
market followers want to hold onto their market share
market niches serve small markeing segments not being pursued by other firms.
Market leader strategy( to remain as #1) - find ways to expand total demand -develop new use & customers -protect their current market share -try to expand their market share further (to increase profitability further)
Marketing challenger they can challenge the leader and other competitors aggressively for more market share,
second-mover advantage the challenger observes what has made by the leader and then improves upon it.
full frontal attack maintaining the competitor's product, advertising price, and distribution efforts
indirect attack on the competitor's weakness
marketing follower instead of competing, they can play along with competitors and not rock the boat
advantages of being a market follower -it can copy or improve on the leader's products and programs -the follower is often a major target of attack by challenges
customer and competitor orientation Product orientation, customer orientation, competitor orientation, market orientation
competitor-centered company spends most of its time tracking competitor's moves and market share
customer-centered company focus more on customer development
market centered companies watching both their costumers and their competitors
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