Competitive Marketing Strategy Question: Download Competitive Strategy PDF

Competitive advantage is gained through the offering customers greater value. How can this be achieved?

Answer:

1. Offering lower prices
2. Improving the quality of the product or service
3. Offering innovative qualities to the product
4. Providing more benefits that will justify higher prices
5. All of the above

Answer: All of the above

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When adopting a market perspective, the competition is defined as task competition whereby companies are trying to satisfy customer or customer group, needs and wants. Which of the following illustrate a company adopting a market perspective identification of competitors?	Most companies will compete with those competitors that resemble them the most, for example, Peugeot/Citroen competes against Renault rather than against Ferrari. There are several strategic benefits to the existence of competitors. What are these benefits?