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Internal Changes Competitive advantages

In your own words explain: 1. Which of the two types of research you considered is most effective? Give reasons why. 2. Why in your opinion is important for the companies to be aware of product and service life cycles? 4. Pick any type of good or service of any company and do a quick Vrio Analysis as shown is Slide 17. 5. Explain what is an offensive and a defensive marketing strategy and give real examples of each one of them. Working in a highly competitive and rapidly changing global marketplace, international trade practitioners are constantly on the lookout for competitive advantages. International trade practitioners examine how well established their competitors are and analyze the competition’s strengths and weaknesses With this information, they can outline how their organization plans to outperform competitors and provide better value to its customers Gathering Information About the Competition Primary research – Detailed information about competitors. Conducted by the company Secondary research – Gathering of existing research. Useful tools for identifying potential competitors include: Trade and industry journals Associated buyers guides, Trade directories Market research reports (otten provide information about estimated market share of leading businesses and insights into their competitive positions) . Gathering Information About the Competition Once key competitors (both direct and indirect) are identified an organization should be in collecting specific information about them Characteristics and behaviors commonly included in a competitor’s profile are . Company name and locations •

Geographical areas served • Type of comes to Brands and trade name • Organizational structure Products and services offered o Market share o Distributors and suppliers Marketing other partners and alliances Promotional strategies • Pricing . 0 Assessing Organization’s Strengths and weaknesses When studying its own strengths, an organization might identify any of the following characteristics that provide a competitive advantage • Strong infrastructure • New technologically advanced equipment • Customizability services Strong reputati Great cu Paints and trademarks • Layal customers Innovative product design and features Faralaai watens | Qualification Assessing Organization’s Strengths and Weaknesses Sometimes an organization can gain as much by identifying and addressing weaknesses as it does by taking advantage of strengths Characteristics that an weganization might identify as weaknesses include 0 Lack of market recognition o Lack of knowledge about local culture Shortage of funding Lack of stuff or staffing . Lack of information technology apport Indoque iniurance 0 The Expansion of Spanish Banks in Latin America The bonding to provides a completowanion with deunderstanding of Latin American culture.com gewer those who do not Recently Spanish banks have been expanding in Latin America The shoved og andre provide sugest the Spanish bankt. For empt the commonlar knowledge tradition of the same motion technology platforms. The shared for comme integration and the doopnet of corporite These competitive advantages help the Spanish tank crease their clients and achieve great video ress with high growth potential Factors to Consider When working in the global marketplace, developing a competitiveness can raise difficult issues and choices for organizations An organization must carefully consider both external environmental forces and internal organizational factors before arriving at a viable competitive strategy Factors to Consider Product Lifecycle Being aware of product and service life cycles makes it possible for organito maximize the returns from their initial investment in a product by po differently in different markets The product and service life cycle view assumes that a core product or services positioned differently different stages in its marketplace evolution During the innovation stage, products and services are positioned as innovative, during the growth stage as best in class, and during the maturity and decline tape best in price INTRODUCTION CROWTH cons – from NS The Product or Service Life Cycle COMPETITION POSITIONING Factors to Consider. Continued 1 Porter’s Generic Strategies Cast leadership An organization seeks to become the lowest-coit beses na market Differentiation leadership: An organization offers specialized and differentiated product/service features, but that charges a premium price 2 Factors to Consider. Continued 1 Porter’s Generic Strategies. Continued Cost.focus: An organization seeks to become the lowest-cost business in a small market Differentiation focus: A strategy for narrow markets in which an organisatie seeks to specialize for a customer’s need Factors to Consider.

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Continued Extemal und Internal Changes Competitive advantages can be gained by capitalizing on external and internal changes External changes involve changes to political conomic, socio-culos technological (PEST) factors. Internal changes involve changes to the way that an organizate deos businesses (VRIO) Her tefty Factors to consider, Continued Defensive Versus Offensive Marketing Defensive Marketing: A marketing strategy wherein an organisation emphasizes its own strengths in response to attacks or claims made by competitors, to retain its position as an industry leader Factors to Consider, Continued Defensive Marketing An organization employing a defensive marketing strategy is choosing to respond to the actions and comments of the competition The organization should counter negative reports with messages that com the organizatice’s superiority Defensive marketing strategies instead of attracting new customers, it aims to retain the current customer buse by defending the organization’s reputation This may involve the reinforcement of messages that have already been communicated to customers in order to maintain their confidence in the business 0 Positioning Statement Positioning statements focus on how an organization’s product or service is different from its key competitors and include the following components Target customer of market 0 Compelling reason to buy Product’s placement within a new or existing Category okey benefit that directly addresses the compelling reason to buy o Primary alternative Murce of same benefit okey difference ce point of differentiation 0 Factors to Consider. Continued Extemal and lateral Changes Competitive advantages can be gained by capitalizing on external and intermal changes. Extemal changes involve changes to political economic, socio-culturale technological (PEST) factors Internal changes involve changes to the way that a ceganisation does businesses (VRIO) VRIO Model VRIO Analysis sitt What is the NO Yes No Yes Yes No Yes Yes Yes NO Yes Yes Yes Factors to consider, Continued Defensive Verses Offensive Marketing . When developing an international competitive strategy, it is also important to decide whether to take an offensive or defensive approach For a new business, having a strong offensive strategy in place is one way to ter a new market and establish a presence. For an established business, a strong defensive strategy is one way to stay at the top of its local industry Each strategy has its own advantages and disadvantages Both require considerable planning and the allocation of resources for the maximum number of customers to be reached. Factors to consider, Continued Defensive Versus Offensive Marketing Offensive Marketing: A marketing strategy wherein an organization attacks the weaknesses or flaws of a strong competitor while at the same time highlighting the strengths of its own product service.

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