MARKETING
7th Edition
ISBN: 9781260087710
Author: Grewal
Publisher: RENT MCG
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Question
Chapter 2.1, Problem 2PC
Summary Introduction
To determine: Ways to attain sustainable competitive advantage using four macro strategies.
Introduction: Marketing strategy is an idea by the management to enhance the performance of the company and attract customers.
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Kourdi (2009:3) has defined business strategy as a “plan, choice or decision used to guide a company to greater profitability and success.”
Required
Explain how the following strategies facilitate the achievement of success or profitability:
Outsourcing
Diversification
Market Focus
Market development
Management ,CRITICALLY dISCUSS how diversification fits into an organization's overall strategic planning process.
What is Competitive advantage and provide an example of it.
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Similar questions
- There are four macro strategies to create and deliver value to customers and that can help a firm to develop a sustainable competitive advantage. Think of a company from the local market who you are very loyal to in many categories like (food, electronics, personal care etc.). Is it the product, location, operation, or customer excellence that you are loyal to that firm? Critically examine.arrow_forwardHow can a firm best achieve sustained competitive advantage?arrow_forwardHow is a diversification strategy related to the sustainable growth and development of an organization? Provide an example of a company that employed this strategy.arrow_forward
- Using one strategic management tool, explain in your own words how to carry out an effective external environmental analysis on a firm.arrow_forwardBriefly describe FIVE (5) forces model that leads firms to seek competitive advantage.arrow_forwardAn industry's key success factors A) can be determined from studying the "winning" strategies of the industry leaders and ruling out as potential key success factors the strategy elements of those firms considered to have "losing" strategies. B) depend on the relative competitive strengths of the industry leaders and how vulnerable they are to competitive attack. C) are a function of market share, entry barriers, economies of scale, degree of vertical integration, and industry profitability. D) can be determined through identifying an industry's dominant economic characteristics, assessing the five competitive forces, and considering the impacts of the driving forces. E) vary according to whether an industry has high or low long-term attractiveness.arrow_forward
- A company achieves sustainable competitive advantage when: Answer D) its strategy and its business model are well-matched and in sync. C) it is consistently able to achieve both its strategic and financial objectives. B) it has a profitable business model. A) an attractive number of buyers have a lasting preference for its products or services as compared to the offerings of competitors.arrow_forwardUnder what conditions will a related diversification strategy not be a source of competitive advantage for a firm?arrow_forward. List the four macro strategies that can help a firm developa sustainable competitive advantage.arrow_forward
- Define the term Diversification?arrow_forwardDiscuss why the macro environment is important to business strategy and outline with examples how organisations typically measure and assess it.arrow_forwardUsing industry of your choice, explain how a company can make use of ansoff matrix to develop a competitive strategy. Use examples.arrow_forward
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