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Strategies for Gaining Competitive Advantage in Today's Market

In a rapidly evolving marketplace, staying ahead means understanding your customer, competition, and unique selling points (USPs). Analyze your target market and competitor strengths and weaknesses. Define and express your brand's mission while continuously monitoring trends. Utilize effective marketing strategies and customer service to establish a good reputation and attract new customers. Flexibility to adapt to market changes, coupled with a clear focus on providing value, is essential for sustaining business growth and increasing income.

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Strategies for Gaining Competitive Advantage in Today's Market

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  1. WHO S • Yourself • Your Customer • Your Competition • Gaining an Advantage over your competition

  2. Stay ahead of the game Game new customers Develop a good reputation Increase income Dynamic Trend setting Lifestyle (70’s/80’s,90’s) Technological (Mobile Phones/Laptops) Economical (Due to congestion charge more people are cycling) Government (Anti-smoking campaigns WhyWhen

  3. HOW • Analyze Target Market • Define what your selling • Indentify your competition • Strength/Weakness • Don’t Under Estimate • Create a Fresh Spin • Unique Selling Point (USP) • Location/Product/Service/Feature • Monitor Change • Stay ahead of the game • Monitor Competitors • Be Flexible

  4. Define Yourself • Understand • Mission/Goal of Business/Market Place • Express what product you have • Bad: I have a Nintendo • Good: I have a Nintendo Wii • Do I operate it in a unique way • Do I service a Niche

  5. Define Competitors • Strengths and Weakness • Strength: PC’s are great for doing homework on • Weakness: You cannot take it with you • Capabilities • Mobile phone is capable of photography • Customer Base • Facebook has millions of customer • Marketing Strategies • Tesco has a club card that gives you discounts • What are they offering • Product, service or product and service • Future Goals • Stratford will successfully host 2012 Olympics • Head-to-Head competitors

  6. Identify your Customer • Location • Age • Gender • Income Level Habits • Tesco Vs M&S • Needs • PS3 Vs Nintendo Wii • Motivation • Price, Quality, Credibility, Customer Service, Location • Buying Habits • Daily, Weekly, Monthly, Yearly etc.

  7. Personal Experience • Test drive • Otherwise how would you know • Who gets your money • Why • XBOX 360 Vs PS3 Vs Nintendo Wii • Ipod Vs Sony Walkman • Rap Vs Rock • Football Vs Rugby

  8. Differentiation • Saturated Markets • MySpace, Facebook, Bebo • Find a way to be different

  9. Unique Selling Point (USP) • A spin setting a benchmark for a product or service • Xbox and Playstation have long winded games • Nintendo Wii has Impulse games that are addictive but will bore you after a few weeks making want to buy another • Xbox and Play Station use joypad, gun, guitar • Nintendo Wii is interactive so the users will have that reality feel. • Xbox Playstation for couch potatoes • Nintendo Wii keeps you off the couch and the movement relates to exercise

  10. Unique Selling Point (USP) • Art of USP • Add Spin • Think outside the Box • Add new features • Minimum of 3 features

  11. Marketing Strategy • Always have a Marketing Strategy • You wouldn’t survive otherwise • Analyze competition success and failure • Learn from mistakes benefit from triumphs • Focus • Offer benefits rather than features • USP • Monitor Trends • Packaging • Make use of old products/ Facelift • User-friendly • Easy to understand/Easy to order/Easy to do business with

  12. Marketing Strategy Customer Service Excellent/ Good Operating hours/Guarantees Special Features Buy One Get One Free

  13. Price • Cheap • Doesn’t always work/ Poor Quality • Reflect on the quality • Faith • Special Offers • Club card discounts • Return Policy • Money Back for Unsatisfied Customers • Financing Packages • Buying insurance online is cheaper than buying on the phone

  14. Product/Service • Golden Rule • Your Product/Service is everything • Without it you have no business • Reputation Basis • Question your product • Reliable • Durable • Fairly Priced • Quality • Recognizable • Performance • Good Location

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