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Lecture fundamentals of marketing - Lecture 29: Creating competitive advantage

Lecture fundamentals of marketing - Lecture 29: Creating competitive advantage. After studying this chapter you will be able to understand: Competitor analysis, competitive strategies, balancing customer and competitor orientations. | Creating Competitive Advantage LECTURE-29 1 Competitor Analysis Competitive Strategies Balancing Customer and Competitor Orientations Topic Outline 2 Competitive advantages require delivering more value and satisfaction to target consumers than competitors do Competitive marketing strategies are how companies analyze their competitors and develop value-based strategies for profitable customer relationships Today’s Companies To succeed in today’s fiercely competitive marketplace, companies must move from a product-and-selling philosophy to a customer-and-marketing philosophy. This chapter spells out in more detail how companies can go about outperforming competitors to win, keep, and grow customers. To win in today’s marketplace, companies must become adept not only in managing products but also in managing customer relationships in the face of determined competition and a difficult economic environment. Understanding customers is crucial, but it’s not enough. Building profitable customer relationships and gaining competitive advantage requires delivering more value and satisfaction to target customers than competitors do. Customers will see competitive advantages as customer advantages, giving the company an edge over its competitors. 3 Competitor analysis is the process of identifying, assessing, and selecting key competitors Competitor Analysis In this chapter, we examine competitive marketing strategies—how companies analyze their competitors and develop successful, customer value-based strategies for building and maintaining profitable customer relationships. The first step is competitor analysis, the process of identifying, assessing, and selecting key competitors. The second step is developing competitive marketing strategies that strongly position the company against competitors and give it the greatest possible competitive advantage. To plan effective marketing strategies, a company needs to find out all it can about its competitors. It . | Creating Competitive Advantage LECTURE-29 1 Competitor Analysis Competitive Strategies Balancing Customer and Competitor Orientations Topic Outline 2 Competitive advantages require delivering more value and satisfaction to target consumers than competitors do Competitive marketing strategies are how companies analyze their competitors and develop value-based strategies for profitable customer relationships Today’s Companies To succeed in today’s fiercely competitive marketplace, companies must move from a product-and-selling philosophy to a customer-and-marketing philosophy. This chapter spells out in more detail how companies can go about outperforming competitors to win, keep, and grow customers. To win in today’s marketplace, companies must become adept not only in managing products but also in managing customer relationships in the face of determined competition and a difficult economic environment. Understanding customers is crucial, but it’s not enough. Building