How Companies Can Position Their Products for Competitive Advantage in the

3944 WordsOct 14, 201016 Pages
How companies can position their products for competitive advantage in the marketplace? Discuss. HOW TO GAIN A COMPETITIVE EDGE Examine your business and its key operations, policies and relationships with customers to determine what you should work on to compete more effectively. What You Should Know Before Getting Started Gaining a Competitive Advantage Marketing Position Company Resources and Opportunities Evaluation of Opportunities Defining the Process Choosing a Competitive Edge What To Expect This Business Builder will help you to become more competitive by identifying the features of your operation you should focus on to maximize your efficiency and your product's appeal. What You Should Know Before Getting Started By…show more content…
This Business Builder will use the term market in that sense, and not use it in the more general sense of a marketplace or mass market. In reviewing your market, consider two types of markets: Generic Market. This market is represented by sellers offering substitute products or services that are dramatically different than your product from a physical and conceptual viewpoint. The generic market is a broader market where items like automobiles, designer clothes, or vacations may all be in competition with each other. Product Market. This market is represented by sellers offering substitute products or services that are similar to yours from either a physical or conceptual viewpoint. How Are Market Opportunities Classified? You will need to review the needs of your existing and potential customers. If those needs are being inadequately addressed by your company, determine how those unfulfilled needs may be satisfied or how those needs currently being met by you and your competitors may be met better. To accomplish this, you will need to analyze your firm's competitors and their current activities. This will require a thorough analysis of the variables that impact your target market. There are four kinds of opportunities that your firm may pursue: market penetration, market development, product development and

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