It must also be aware of the strengths and weaknesses

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
same industry have similar strategies. It must also be aware of the strengths and weaknesses and also be able to determine their reactions. 5. A company pays regards to different categories of competitors. By conducting a customer value analysis, a company can find benefits that customers value and compare it to the rivals’ offers. If an adversary is too distant, it is not worth it. It is best to find uncontested market space. 6. By knowing what we must be aware of in competitors, by establishing a competitive intelligence system, a company can receive the best source of
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
information from the field and published data while making sure it is valid, to make solutions easy for decision-makers. 7. Competitive marketing strategies depend on the company’s industry, opportunities, and resources. They also differ on how they approach the process. 8. Approaches to marketing strategy and practice often pass three stages: entrepreneurial marketing, formulated marketing, and intrepreneurial marketing. Entrepreneurial consists of no marketing. Formulated develops formal marketing strategies and follow them closely. Finally, intrepreneurial marketing refreshes marketing strategies and tries new approaches. 9. Competitive strategies can be leader, challenger, follower, or nicher. The leader has the majority of the market, the challenger tries to compete that, the follower remains as a runner-up, and a nicher is unlikely to attract larger firms’ attention. 10. Being able to balance customer and competitor orientations is important. Competitor-centered companies focus on its rivals’ moves over customers, losing profitable customer relationships. Customer-centered companies focus on the consumer. Market-centered companies have the balance of the two, which is true market orientation.
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern