Ch. 18 points

It must also be aware of the strengths and weaknesses

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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
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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.
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It must also be aware of the strengths and weaknesses and...

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