Explain how strategies support overall corporate business

Assignment Help Marketing Management
Reference no: EM13730463

Increasing Competitive Advantage

So far in this module you have explored strategic approaches to marketing, from aligning marketing and business strategies to segmenting, targeting and positioning to creating new brand propositions and analysing both internal and external environments to create marketing mixes. One of the main goals for all of these strategic efforts is to enable organisations to get and keep their competitive advantage in order to thrive.

Attaining and sustaining competitive advantage takes more than just satisfying customers. Consider some food group you particularly like, such as bread. You may like several different types of bread and not really care who makes it. Most types of bread satisfy you, and you purchase whatever is on sale. Several companies that make bread are therefore satisfying you as a customer, but none have a competitive advantage over you. Then along comes a bread company that catches your attention. The naan, the challah, the white, the rye-they are all so delicious! Or perhaps it is not the best bread you have ever had, but it is good quality for the price. Suddenly, this bread company has captured your loyalty. Multiply your own consumption by thousands of bread eaters with similar needs, and the bread company has most likely managed to attain a competitive advantage. Its bread not only satisfies you, but it satisfies you more than the bread made by its competitors.

For this unit's Individual Assignment you will develop strategies for your chosen brand that will foster a competitive advantage for your proposed product.

To prepare for this Individual Assignment:

- Read Day (2003). Consider what this author views as the components of customer-relating capability. How can these components be leveraged to build a competitive advantage?

- Read the module text chapters. In Chapter 11, consider how organisations can develop objectives and strategies to manage a product or brand through inception, growth, decline and new growth through new products or brands. In Chapter 19, review Porter's 5 Forces model.

- Read Hamel and Pralahad (1985), focusing on the strategies for building a global presence, defending domestic position and overcoming national fragmentation.

- Review some of the Sector Overviews in the Interbrand Web site. Consider how some of the world's top brands strategise to maintain competitive advantage.

To complete this Individual Assignment:

In a 1,000-word paper, create a plan for increasing competitive advantage for the selected organisation and brand. The plan should include three appropriate strategies for increasing competitive advantage in your chosen organisation. For each strategy, include the following:

- Explain how the strategies support overall corporate business and marketing strategies to increase competitive market advantage.

- Identify essential resources required to execute these strategies for increasing competitive advantage.

- Explain how you might measure performance related to meeting strategy objectives for increasing competitive advantage.

- Be sure to include specific examples and support your postings with evidence from the Reading, other current literature from the UoRL Library and other credible sources. Consult the Harvard Referencing Style Guide for proper citation and referencing information.

Verified Expert

Reference no: EM13730463

Time either to impact or closest approach

An incoming object is sighted at an altitude of 100,000 km with a speed of 6 km/s and a flight path angle of -800. (a) Will it impact the earth or fly by? (b) What is the time

Role of relationship marketing and strategic alliances

Discuss the role of relationship marketing and strategic alliances in business marketing. - Why is relationship or personal selling the best way to promote in business marketi

Steps of the organization''s business processes

Develop a flowchart that analyzes the steps of the organization's business processes. Create a diagram of the organizational structure showing the hierarchy and chain of comma

Advantages for airlines to control the ticket distribution

What are the specific advantages for the airlines to control the ticket distribution?- Compare and contrast two airlines and the methods they use to control ticket distributio

What is required in a good marketing strategy statement

What activities are performed in the marketing strategy development step of the new product development process? What is required in a good marketing strategy statement?

Disadvantages of standardizing the marketing mix worldwide

Corona beer is the number one imported beer into the United States, and has developed into a global brand (General Distributors, Inc., n.d.). Describe three advantages and th

What are the ethical issues in this situation

What are the ethical issues in this situation? Did the club have the right to pose questions that were unrelated to the issue at hand? What would you have done if you had been

Globalization at the industry level

Why is important to focus on industries when examining globalization? Develop a listing of generic elements of a global industry (e.g., global customers). What are the i


Write a Review

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd