Competitive Advantage has been introduced in business world for many years. It can be defined as “the superior performance of a particular company relative to other competitors in the same industry or superior performance relative to the industry average.” “It can also be defined as “anything that a particular company does better compare to its competitors in the same industry.”
Vertical integration is essential for an organization because, depending on its industry of operations, Vertical integration may be the only way by which an organization can compete effectively as well as operate in a more efficient and productive manner by minimizing costs within the supply chain. Simply, Vertical integration is part of main company’s strategy for diversifying its operations by expanding within its supply chain of operations.
Strategic planning is the tool which clearly identify goals and objectives of an organization as well as it also assess the internal and external situation required to formulate and implement the strategy. An effective plan is always required to accomplish anything. If you are coaching a football team, doing preparation for exam, or running a business, you need a strategic plan. Today business world become much competitive and the olden days of budget oriented planning or forecast based planning gone away.
A value chain refers to the whole series of activities that create and build value at every step for a particular company. The concept of value chain analysis is developed by Michael Porter in 1980 in his very famous book 'Competitive Advantage'. Value chain analysis used to analyze those specific activities which can create competitive advantages for a company.
Porter's Generic Strategies are also called Porter marketing techniques. These strategic tactics used by different companies in order to penetrate a market and after penetration then sustain a strong advantage over the competitions. It can also be elaborate as “the primary aim of a company is to attract the industry in which it operates and secondary purpose of the company is to position itself with in that industry.
PEST Analysis is abbreviation of “Political, Economic, Social, & Technological analysis" and it allows companies to make a framework of macro-environmental factors for the purpose of designing effective environmental strategies. The environment of corporate world is ever changing. No business operates in a vacuum environment. The corporate environment is something real complex and dynamic.
The abbreviative business term SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. Conducting a SWOT analysis enable a company to see where your company is in the marketplace and what strategies a particular company can develop to increase its market share. The top level management and marketer of the company must know SWOT analysis and its importance for the company.
A particular company marketing plan usually starts with an overall objective. For example, the objective of a company is to increase sales and profits by ten percent in the current year. Another objective of a particular company may be to add five new products in the company's product line or to modify existing products by adding new features and attributes.
E-marketing is referred to those marketing strategies and techniques which utilized online ways to reach target customers. There are millions of Internet users that daily access different websites using a variety of tools like computers, laptops, tablet and smart or android phone devices, and the number of internet users are increasing very rapidly. So every business seems to be jumping on the internet marketing bandwagon.
The understanding of a product life cycle of a particular product is very important for marketers and company to make adequate decisions like, what is the right time to introduce your new product in the market, what price should be fixed and how to plan effective as well as up to date marketing strategy for your product. Every day you are bombarded by many types of advertisements that tell about various new features of existing products