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Strategic Marketing > Competitive Advantage > Flashcards

Competitive Advantage Flashcards

1
Q

What does successful competitive position rely on?

A

Current and future market attractiveness, but the ability to maintain the competitive advantage is the most important

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2
Q

What is Doyle’s 2008 take on getting a sustainable competitive advantage?

A

Strategic Characterisation Matrix.

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3
Q

What is the external view on a sustainable competitive advantage?

A
  • Results from a position in the industry

- Firm secures a defensible position in the most attractive marker segments

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4
Q

What is the internal view of a sustainable competitive advantage?

A
  • Results from internal resources
  • Is distinctive to a companies assets and capabilities
  • Hard for other firms to duplicate
  • Determines the effectiveness and efficiency of functional activities
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5
Q

What is the competitive advantage cycle?

A

Sources of advantage - position advantages realised - competitive dynamics erode advantages - investment in renewal

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6
Q

What are some performance rewards that firms with a sustained competitive advantage can enjoy?

A
  • Satisfaction
  • Loyalty
  • Market share
  • High profit
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7
Q

What are the three generic strategies to a competitive advantage?

A

Porter’s Competitive Strategy

  • Differentiation: more effective satisfaction of customer needs
  • Overall cost leadership: lowest cost per unit
  • Focus: niche specialisation
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8
Q

How can a firm achieve differentiation?

A
  • Product
  • Promotional
  • Brand
  • Distribution
  • Pricing
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9
Q

How can a firm achieve cost leadership?

A
  • Scale
  • Experience
  • Capacity utilisation
  • Linkages
  • Interrelationships
  • Integration
  • Timing
  • Policy choices
  • Location
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10
Q

How can a firm achieve a focus strategy?

A
  • Focusing the product line
  • Targeting a specific segment
  • Limiting the geographical area
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11
Q

What are first generation competitiors?

A
  • Based upon cost advantages

- Low labour costs, economies of scale and productivity

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12
Q

What are second generation competitors?

A

Low cost & high quality

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13
Q

What are third generation competitors?

A
  • Accelerated new product development
  • Low cost & are highly differentiated
  • Wide variety of innovative new products at low cost/high quality. .(Sony, Honda & Nike)
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14
Q

What are customer defined strategies to a sustainable competitive advantage?

A

According to Mathur (1992)

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15
Q

What is a firms capability and competition?

A

According to Kay (1993) A firms distinctive capability when successfully applied to and industry or appropriate markets leads to a sustainable competitive advantage.

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16
Q

What can distinctive capabilities be based upon?

A
  • Reputation
  • Architecture
  • Innovation
17
Q

Explain upon how reputation can create a sustainable competitive advantage?

A
  • Based upon high quality
  • Costly to maintain and difficult to establish & maintain
  • Easy to destroy
18
Q

Explain upon how innovation can create a sustainable competitive advantage?

A
  • This is the ability to bring innovation successfully to the market
  • Issues of protection and exploitation
  • Probably is not enough on its own
19
Q

Explain upon how architecture can create a sustainable competitive advantage?

A

Has three dimensions: internal, external, network.

How can this add value?

  • Organisational knowledge
  • Co-operative ethics
  • Organisational routine
20
Q

What is the resource imitability ladder?

A

Collis & Montgomery 1995.

  • Easy to imitate: unskilled workforce, undifferentiated products & services
  • Imitated at a cost: Physical capacity & machinery
  • Difficult to imitate: Brand image, reputation, customer loyalty, culture, motivation
  • Cannot be imitated: Legal copyrights, patents, unique locations, unique physical assets
21
Q

What are the seven dangerous misconceptions?

A
  • First mover trap
  • Superiority trap
  • Quality trap
22
Q

What is the marketing strategy funnel?

A
  • Where are we now? External Analysis: industry, customers, competitors.
    Internal Analysis: Resources
  • Where do we want to be? Segmentation, targeting, positioning, sources of SCA
  • How will we get there? Alliances, relationships, innovation

Did we get there? Implementation, measurement & control

Strategic Marketing (5 decks)

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