What is competitive edge in marketing?
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9 Citations | Therefore, the companies that move the fastest – and the most strategically – to get the right talent to the right place at the right time will have the competitive edge. |
A buildup of competitive edge is expected to improve the firm’s ability to competitive choice in the market place, through a process of improving the pro-activeness and reactiveness of the firm with respect to competitors to the satisfaction of (i) the consumers / target market, (ii) the market-society at large, as well as (iii) the policy makers regulating the competitive environment in the country / world. | |
39 Citations | Giving consumers greater bargaining power which in turn has forced particular product to devise strategies that they consider suit the ever changing marketing environment in order to be competitive and it’s for reason that this study evaluated promotion, price variation, location and improved customer as strategies adopted for competitive edge and identify a strategy with greater returns. |
52 Citations | The principle of sustainable competitive advantage argues that a firm can only be successful in the marketplace if its products and services have a competitive edge over those of its rivals. |
52 Citations | can be drawn for an after sales services strategy to gain a competitive edge. |
In this scenario, firms / brands need to be systematically prepared to find customer favor in a competitive market; this indeed is the realm of building competitive edge. | |
21 Citations | Indicates that the dynamics of marketing strategy and competitive advantage should be considered. |
22 Citations | The authors demonstrate how Sun Tzu's ground and terrain can serve as parsimonious typologies of competitive market situations that are useful for the study of marketing theory and practice. |
119 Citations | The empirical results support several theoretical arguments and provide insights into the determinants of competitive marketing behavior in industrial markets. |
Related Questions
What competitiveness is?4 answersCompetitiveness refers to the ability of individuals, organizations, regions, and countries to achieve their goals and improve their standards of living and welfare. It can be seen as a positive concept where entities strive to achieve something good. Competitiveness is influenced by various factors such as macro and micro indicators, strategic business management resources, human capital, and the ability to adapt to changes. It is no longer solely focused on financial aspects but also considers intangible assets, quality of human resources, and motivation of staff. Leadership plays a crucial role in enhancing competitiveness, and the link between assets, human resources, and motivation is highly valued. Competitiveness is essential for the growth of economic sectors and contributes to long-term economic growth, increased asset value, and competitive advantages. It is analyzed at different levels, including the national, industry, and company level, and is influenced by factors such as innovation, productivity, and global market dynamics.
Competitiveness of a business in today's market?5 answersThe competitiveness of a business in today's market is crucial for its success and survival. It is influenced by various factors, both internal and external. External factors include competitors, suppliers, and customers, while internal factors are related to the company's internal environment. Effective management strategies, such as mergers/acquisitions and inter-firm collaboration, can help businesses respond to external factors and gain a competitive edge. However, the internal environment of the company plays a significant role in ensuring competitiveness. Strategic leadership is essential for creating a unique internal environment that sets the business apart from its competitors. To enhance competitiveness, businesses need to focus on market assessment, innovation, and the development of marketing strategies. Additionally, continuous analysis of competitors, strategic potential, and market position is necessary for maintaining and improving competitiveness. Overall, businesses need to adapt to market conditions, improve productivity, and offer products or services that meet modern requirements to enhance their competitiveness.
What is competitive advantage?5 answersA competitive advantage is an attribute that allows an organization to outperform its competitors. It can include access to natural resources, highly skilled labor, geographic location, high entry barriers, and access to new technology. Achieving a competitive advantage means providing a better solution or offering a similar solution at a lower price. Michael E. Porter differentiated two basic types of competitive advantage: cost strategy and differentiation strategy. In a competitive environment, a firm's competitive advantage is determined by the part of its offer that allows for maximum efficiency and economic success. Competitive advantage is the entity's ability to develop effectively for long-term value that exceeds competitors and achieve above-average profitability. It can be measured and characterized by several parameters, and competition theory can be applied at different levels of economic systems. The response to changes in competitiveness will vary based on available resources.
What is the definition of competitive rivalry?2 answersCompetitive rivalry refers to the competition and rivalry between firms or agents in a particular market or industry. It involves the interactions and actions taken by these firms to gain a competitive advantage over their rivals. Competitive rivalry can be influenced by various factors such as the complexity and variation of competitive actions taken by a firm, as well as the impact of these actions on the response of rivals. It is also important to consider the social impact and assessment of agents when interacting with humans in competitive scenarios. Competitive rivalry can affect the communication strategies and tools used by firms, as well as the quality and style of internal communication within organizations. Rivalry is characterized by a shared history of notable competitions, and it can have behavioral effects on goal pursuit, identity maintenance, and moral decision-making. Research in competitive dynamics focuses on measuring and analyzing firm actions and rival actions to better understand the outcomes of rivalry.
What is the competitive edge?5 answersThe competitive edge refers to the unique advantage that an organization or individual possesses over their competitors, which sets them apart and allows them to outperform others in the market. It is the factor or combination of factors that gives them a superior position and enables them to meet the needs of the target market more effectively. Factors contributing to the development of competitiveness include social activity, initiative, hard work, readiness for constant self-development, and actualization of personal potential. In the context of the electricity market, the Electric Power Research Institute claims that it can provide hydro power operators and owners with a competitive advantage in a deregulated market. Having a competitive edge is crucial for organizations to succeed and thrive in a competitive environment.
What are elements of a companies edge?2 answersCompanies gain a competitive edge by implementing various elements. These elements include price management, segmentation, promotion, channel-based strategy, product management, influencing development, and the marketing plan. Additionally, companies can achieve a competitive advantage by hiring leaders and team members with cross-industry knowledge, who can transfer successful experiences, processes, and tools from other industries. Strategic decision-making and data collection are crucial for assessing a firm's position and developing market-based and non-market strategies. Furthermore, customer-supplier alliances can greatly increase a company's competitiveness, market share, and financial strength by enabling cost reduction, quality improvement, and value enhancement. These elements collectively contribute to a company's edge in the business environment.