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Creating Competitive Advantage
In marketing two key trends for the twenty-first century are: (a) the trend toward the utilization of relationship marketing to develop customer satisfaction; and (b) the trend toward in-depth competitor analysis as a means of recognizing the company's major competitors (by using both an industry and market-based analysis) and nearly examining and formulating strategy to deal with competitors' objectives, strengths, strategies and weaknesses, and reaction patterns.
A company must consider its competitors to be successful, as well as its real and potential customers. In the procedure of performing a competitor analysis, the company analyzes and gathers information carefully on competitors' strategy and programs. A competitive wise system helps the company obtain and manage competitive information. The company has to then select a competitive marketing strategy of its own. The strategy selected depends on the company's industry position and its opportunities, objectives and resources. In the chapter many basic competitive strategies are outlined. Some of these are time-tested and relatively new. The first is that of the market leader that faces three challenges: expanding the overall market, defensive market share, and expanding market share. The market leader is interested in discovering ways to expand the overall market because it will benefit most from any growing sales. The leader must also have an eye toward defensive its share. Many strategies for accomplish this protection task are presented. Aggressive leaders also attempt to expand their own market share. The second position is of the market challenger. It is a firm that insistently tries to expand its market share by attacking the manager, other runner-up firms, or smaller firms in the industry. The third position is of the market follower which is designated like a runner-up firm that select not to rock the boat (typically out of fear that it stands to lose more than it may gain). At last, the market niche is a position choice open to smaller firms that serve some of the part of the market that is not likely to draw the attention of the big firms. These firms frequently survive by being specialists in some of the function that is striking to the marketplace. The competitive analysis of the four competitive position options existing. This information may be used by every mid-level tactical planner who seeks insight into competitive scheme dynamics.
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