The Nature of Competitive Advantage
CONTENTS
INTRODUCTION………………… pg. 3
DEFINITIONS………………………. Pg. 4
EXTERNAL ANALYSIS pg. 5 STEPP Analysis CONCEPTS a. Socio-Cultural/demographic issues affecting business. b. Technological Factors c. Economic factors d. Political and legal factors e. Physical/Environmental Factors
IDENTIFICATION OF INDUSTRIES OPPORTUNITIES AND THREAT pg. 7
a) A Model For Industry Analysis- Porter’s Five Forces b) Rivalry c) Threat Of Substitutes d) Buyer Power e) Supplier Power f) Barriers to Entry / Threat of Entry g) Generic Strategies To Counter The Five Forces
INTERNAL ANALYSIS pg. 13
a) SWOT Analysis b) Internal Marketing c) Conducting a SWOT Analysis d) Resources e) Capabilities
CONCLUSION pg. 17 a) The Final Steps
REFERENCES pg. 19
The Nature Of Competitive Advantage
INTRODUCTION
Almost everyone in business understands the principle of trying to offer something better than what their competitors are offering. Gaining an advantage is the key to success and even survival. But many of the so-called advantages that businesses rely on are not sustainable. They can be easily copied, stolen or negated. Real competitive advantages — things like brand name recognition, patented manufacturing processes or exclusive rights to a scarce resource — cannot be easily copied.
Every company has a unique set of strengths, and it 's critical that you determine yours, as well as your competitors '. Knowing your SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis helps you to see how your strengths stack up against your competitors ' weaknesses and suggests ways to take advantage of marketplace opportunities.
Have you ever made the wrong decision
INTRODUCTION………………… pg. 3
DEFINITIONS………………………. Pg. 4
EXTERNAL ANALYSIS pg. 5 STEPP Analysis CONCEPTS a. Socio-Cultural/demographic issues affecting business. b. Technological Factors c. Economic factors d. Political and legal factors e. Physical/Environmental Factors
IDENTIFICATION OF INDUSTRIES OPPORTUNITIES AND THREAT pg. 7
a) A Model For Industry Analysis- Porter’s Five Forces b) Rivalry c) Threat Of Substitutes d) Buyer Power e) Supplier Power f) Barriers to Entry / Threat of Entry g) Generic Strategies To Counter The Five Forces
INTERNAL ANALYSIS pg. 13
a) SWOT Analysis b) Internal Marketing c) Conducting a SWOT Analysis d) Resources e) Capabilities
CONCLUSION pg. 17 a) The Final Steps
REFERENCES pg. 19
The Nature Of Competitive Advantage
INTRODUCTION
Almost everyone in business understands the principle of trying to offer something better than what their competitors are offering. Gaining an advantage is the key to success and even survival. But many of the so-called advantages that businesses rely on are not sustainable. They can be easily copied, stolen or negated. Real competitive advantages — things like brand name recognition, patented manufacturing processes or exclusive rights to a scarce resource — cannot be easily copied.
Every company has a unique set of strengths, and it 's critical that you determine yours, as well as your competitors '. Knowing your SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis helps you to see how your strengths stack up against your competitors ' weaknesses and suggests ways to take advantage of marketplace opportunities.
Have you ever made the wrong decision
References: Published: April 12, 2004 Author: Martha Lagace Tim Powell, "Analyzing Your Competition: Its Management, Products, Industry and Markets" (SVP Info Clearinghouse 1992) Michael E Dated Given: 14th July, 2010