How do I outsmart my competitors?

How do I outsmart my competitors?

11 ways to outsmart, not outspend your competition

1. Know thyself. Understand who you are and what you stand for as a brand.
2. Know your audience. Learn about your buyers, clients and prospects.
3. Don’t be everything to everyone.
4. Stay focused.
5. Put your people to work.
6. Create evangelists, not just customers.
7. Get involved.
8. Choose wisely.

How do you respond to a competitor?

To be competitive, you must ensure the main focus of your business is on your customers. You must also understand your competitors’ strengths and weaknesses and how they will react to customer needs and changes in the industry, so you can stay one step ahead.

What factors affect the likelihood a company will take a competitive action?

Research indicates that three factors determine the likelihood that a firm will respond to a competitive move: awareness, motivation, and capability. These three factors together determine the level of competition tension that exists between rivals (Figure 6.11 “Competitive Tension: The A-M-C Framework”).

What are Porter’s three generic competitive strategies?

The two basic types of competitive advantage combined with the scope of activities for which a firm seeks to achieve them, lead to three generic strategies for achieving above average performance in an industry: cost leadership, differentiation, and focus.

How do you deal with competitive pressure?

How to handle industry competition

1. Identify a need in the industry and satisfy it with a product or service.
2. Improve on existing products or services.
3. Highlight your differences.
4. Clarify your brand and message.
5. Focus on the needs of your customers.
6. Focus on the needs of your employees.
7. Do not focus on your competitors.

What are new entrants?

The Threat of New Entrants Explained When new competitors enter into an industry offering the same products or services, a company’s competitive position will be at risk. Therefore, the threat of new entrants refers to the ability of new companies to enter into an industry.

How do you survive in this competitive world?

How to Survive in a Competitive World

1. Related: Retire? Not In a Million Years.
2. When you get a big break, don’t blow it.
3. Stay focused on the big picture.
4. Don’t do handshake or verbal deals.
5. Related: Quit Trying to Be Like Steve Jobs.
6. Negotiate in good faith.
7. Be genuine and direct.
8. Be professional.

What strategies can companies use to gain competitive advantage?

Strategies for Competitive Advantage There are three strategies for establishing a competitive advantage: Cost Leadership, Differentiation, and Focus (Cost-focus and Differentiation-focus).

How do you identify a competitive advantage?

To find a lasting competitive advantage, look for something that your competitors cannot easily replicate or imitate. Competitive advantages can be found almost anywhere. Some restaurants thrive because of their location.

What is Coca Cola’s competitive advantage?

Coca Cola has competitive advantage so it is making it get bigger and bigger in terms of sales and market share. Coca Cola reputation has also competitive advantage and it is also pursuing environmental friendly product. Coca Cola many products are recyclable and Coca Cola is also going for the green effect.

What is Coca Cola’s strategy?

Coca-Cola is evolving its business strategy to become a total beverage company by giving people more of the drinks they want – including low and no-sugar options across a wide array of categories – in more packages sold in more locations.

What are the competitive advantages of Apple?

Apple’s competitive advantage are its control of software, Hardware, retail strategy, product differentiation and most important one is Steve Job’s strategically decision making. For the distribution system, Apple launched a website for direct sales for the first time.

What is Apple’s weakness?

The biggest weakness of Apple Company has to be its high price. Its top-priced products become a vulnerability for the company because consumers can easily select products of comparable quality but at a lower cost.

What are the disadvantages of Apple?

The Disadvantages of Eating Apples

• Calories. Most of the calories in apples come from sugar. A medium apple contains about 100 calories, and about 90 of those calories come from carbohydrates.
• Stomachache. Some people report mild stomachache after eating apples.
• Allergies. Allergic reactions to apples are uncommon but not unheard of.