Essay On MIFCO

Competitive advantage exists when a firm has strategy, product or an attribute that makes the firm capable of delivering similar benefit to that of competitors at a cheaper cost. Having competitive advantage is not enough the company should be capable of sustaining that particular competitive advantage for a longer period of time.

Due to the globalization of the economy, there has been great competition in the business sector. The basic human desire to challenge new limits and capture as much market as it is possible has given a new dimension to the concept of marketing - brand positioning. To position a brand requires making choices; whereas having a position means people will prefer a brand over another. A brand can be positioned in several ways: offering a specific benefit, targeting a specific segment, price or distribution. Despite the fact that positioning is considered by both academics and practitioners to be one of the key elements of modern marketing management, it is surprising to uncover general paucity of consumers/customers derived studies regarding

Positioning refers to how an organization communicates the benefits of their products and services to potential customers. Positioning a product involves research, development, design, branding and advertising. NHL being a niche sport, it is currently considered as a second rate sports league behind the NFL and NBA. It has a very passionate fan base, but it is relatively small when compared to the other sports. The lack of interest and fan following is attributed to the absence of knowledge and the failure to understand the unique features that NHL offers that are absent in other sports.

Positioning is planning on what a business should do to market its product and services to their customer. Advertisements are usually the first thing that businesses will do in order to get customer attention and to be well known to the public. That is why Chatramue café use social media to attract customer attention. Social media has help a lot of businesses in increasing their marketing and acquired new customer. Usually using social media as an advertising are targeting on young adult and teenagers rather than family person since majority social media are used by youngster and young adult.

Positioning, to marketers, means they drive their “better” product to a particular audience. This strategy is important to marketers because, they use this technique to increase their sales by convincing their audience that their product is better than the competing brand. A product I buy that is “positioned” to me is The North Face backpack. As a student, North Face are popular around campus. When someone sees a North Face backpack, they assume you might have a little money. The backpack has many compartments and zippers. Inside the larger pocket, there is two padded slots, one for a laptop and the other for a smaller tablet or ipad. The back of the backpack is padded as well for comfortability. Depending on the style, there are two bottle

To survive and thrive, an organization must create a competitive advantage. A competitive advantage is a product or service that an organization’s customers place a greater value on than similar offerings from a competitor. Unfortunately, competitive advantages are typically temporary because competitors often seek ways to duplicate the competitive advantage. In turn, organizations must develop a strategy based on a new competitive advantage.

Developments of a more appealing offer for each segment so that the customers are more likely to be delighted or at least satisfied. Positioning is the process of placing the product in a clear distinctive and desirable place in the mind of the competitors in order to gain an upper edge.

In conclusion, positioning is a strategic way of selling products geared towards the desires of wanting, needing, owning and obtaining something great. Positioning is how a company presents and differentiates itself, and its product, from competition in order to gain and keep prospective buyers. So it is safe to say that positioning is a strategic way in winning the hearts and minds of consumers for their confidence, and their

A well-positioned company will give themselves a competitive edge over other companies in the market they are in and ultimately raise the company’s overall profit. If a company does not execute this strategy correctly then the company may lose their economical edge on their competitors. This is a very important concept when entering a new market and could determine if your company will succeed in said market. When a company is brainstorming ways on how they want to be seen in the public’s eyes there are many determinates to be considered. When they are deciding on how they have to think about the company as a whole and what values the company stands for. The characteristics the company should look for when determining the positioning strategy is that they have to decide on what type of product they are going to sell and establish a consistency within the products they sell. Secondly the company has to consider the pricing of their products, this is very important because it defines what type of consumers you want to buy your product. Finally you have to analyze you company as a whole. What do you want your company to be seen as in the public’s eye, you have to ask yourselves what our company is doing differently than other competing company. By examining Nordstrom, an upscale fashion retailer, we can conclude that Nordstrom has effectively positioned themselves in the market they are established in.

Service focused Positioning refers to how the business relate the important benefits of the industry to the customers (Smallbusiness.chron.com, 2017). There should be an effective positioning strategy designed to analyse both opportunities and threat to the firm in the competitive market place (Lovelock, Vandermerwe and Lewis, 1999). Market focus relates to which a firm serves few or more markets whereas service focus determines the extent to which an industry offers few or more services.

A Competitive Advantage is a peculiarity for an organization between it's competitors . It's achieved either by lowering prices or by greatening the value of the product or by offering luxury service and benefits to cope with high prices .

Competitive advantage is that a company has better ability in earning profit and profit growth compared to its competitors for the same group of customers in one industry.

Competitive advantage(CA) is an advantage competitors gain by providing or offering customers or consumers greater value for their money through product and service differentiation or through lower prices. Maintaining competitive advantage is crucial to many businesses or organizations' success in order to survive in the market. Competitive advantage is characterized by superior performance which could be an attribute to outperform the competitors whether current or potential; or gaining a higher market share in a particular industry thereby ensuring market leadership; or ultimately, maximization of profit.(JOBBER 2010)

Marketing strategy is a method of focusing an organization's energies and resources on a course of action which can lead to increased sales and dominance of a targeted market niche. A marketing strategy combines product development, promotion, distribution, pricing, relationship management and other elements; identifies the firm's marketing goals, and explains how they will be achieved, ideally within a stated timeframe. Marketing strategy determines the choice of target market segments, positioning, marketing mix, and allocation of resources. It is most effective when it is an integral component of overall firm strategy, defining how the organization will successfully engage customers, prospects, and competitors in

*  A competitive advantage is one that distinguishes a firm or a business from the competitors in the minds of the customers. It also refers to the state or ​condition that make a ​business more ​successful than the ​businesses it is ​competing with, or a particular thing that makes it more ​successful such as having a higher sales through offering low or affordable goods and services.