Competitive Advantages

Question 1

How do businesses keep their customers despite competition?

Answer 1

Unique Selling Proposition: something that can’t be copied by another firm

2. Lower Production Costs: very cost efficient
3. Servicing a Niche Market: specializing in a very small, specific aspect of the market
4. Creating Customer Loyalty: building personal relationships

Question 2

Competitive advantages

Answer 2

Promotion
Placement / Location
Price
Quality
Benefits of Use
Design Features

Question 3

Convenience

Answer 3

Making an activity as comfortable and easy as possible for the consumer

Question 4

Degree of Service

Answer 4

More services offered in one location → the better

Question 5

Personalized Treatment

Answer 5

Services that are personalized to each customer

Question 6

Selection

Answer 6

More selection → better service

Question 7

Reputation

Answer 7

Better reputation → more loyalty & able to attract new customers

Question 8

Price

Answer 8

If it’s a similar service to something else → a lower price is preferred.

Question 9

Product Service Mix

Answer 9

When BOTH a product & service is provided.
EXAMPLE: HOME DEPOT

Question 10

Market Share:

Answer 10

The percent of the competitive market that a specific product or service controls

Question 11

Market Segment:

Answer 11

A narrower portion of a specific market share