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A focus on the best of the three sources of competitive advantages to a firm ought to be the foundation for the others. For instance, concentrating on extra business advantages means ability to capture attention of more audience, thus the possibility to have more customers. Ensuring strict commitment to one advantage such as cost brings in the possibilities for eliminating chances to capture new potential clients. The marketer should not focus on the pricing of products and forget to emphasize the power of fighting stains in a cases scenario of a detergent manufacturing industry. It is important for one to consider a difficult competitive advantage and seek its accompaniment.
In another practical example, car companies often face marketing dilemmas for instance, should one consider performance issues or pricing? Some marketers will target the low pricing and then bring in features of performance and supportive availability advantages. Toyota Company has new idea of supporting marketing strategies with other features, since on deduction that potential competitors compare to them, they can concentrate on availability in the market and price differences.
Every system must include a plan and an economical goal. The goal must be clear to everyone who is involved in order to achieve a logical strategy that supports continual improvement as opposed to tactical initiative. The main aim is to improve value or quality by doing away with non-valuable choices and alternative merge the competitive values. Most of the advantages support cost and thus promote profitability. Lowering cost and having high quality products or services is not a guarantee for profits, thus the need to strategize the merge.
The main and best advantage of any firm concerns cost. Therefore, all the other competitive advantage must support cost in one way or another. A firm ought to seeks lower costs within a wide range of choices, but ensure it offers similar benefits for the customers just like its competitors. A cost advantage translates to a higher profit per unit margin due to extra sales, compared to potential competitors. However, this benefit requires support by differentiation advantage. The situation calls for implementation of unique attributes or characteristics that can effortlessly entice the customers appeal. You cannot fail to have unique designs for the products on assumptions that you have lowest prices. Customers give more value to some of the uniqueness than prices.
Differentiation support also indicates that one is able to change pricing to a higher range and produce extra revenue per unit sale compared to potential competitors. Lastly, the speed advantage enables a firm to base implemented costs and differential advantages to a detailed market niche and time depending on the feasible customers appeal. Are your clients able to access their favourite products or services at the preferable prices and from the desirable locations, at the exact time of demand? The Toyota Company is often has better quality and ability to offer cars at slightly lower prices than competitors are. It is equally easy to find a Toyota vehicle or spare parts from almost any automobile store anywhere around the world, thus the application of the advantages concurrently.
Companies are however should not confine to the simultaneous application of cost, advantage and speed strategies. Other common strategies include have unique advantages that enhance quality and performance. Effectiveness and efficiency are key factors that drive prosperous companies such as Toyota Company. For most of the top marketing executive, the question is not on a desirable strategy or excellence of quality, but on the procedures for executing the strategies effectively.
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