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Showing posts with label Competitive Advantage. Show all posts
Showing posts with label Competitive Advantage. Show all posts

Potential Sources of Differentiation

Every successful business is differentiated from its competition ... it could be very unique and significant, or it may be seemingly small and minor. But customers choose one enterprise over another for a reason. Following are some potential sources of value and differentiation to use as a guide when creating a competitive advantage strategy ...

ambiance ... branding ... business model ... community service ... contrived deterrence ... convenience ... copyrights ... cost advantages ... cost advantages independent of scale ... customer relations ... customer responsiveness ... customer service ... delivery ... distinct unique competencies ... economies of scale ... effective sales methods ... efficiency ... experience of doing business ... features ... functionality ... government regulation ... high quality ... image ... innovation ... intellectual property ... limited resources ... location ... low-cost ... manufacturing innovation ... market positioning ... market segmentation ... operational methods ... patents ... performance ... price ... product design ... product differentiation ... product innovation ... product selection ... product-line breadth ... quality ... rarity ... relationships ... reliability ... reputation ... selection ... service ... shopping experience ... supply chain relations ... switching costs ... trademarks ... trade names ... unique capabilities ... value

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Creating a Competitive Advantage

The following questions are designed to help you determine whether you have an identifiable competitive edge and whether you are currently capitalizing on it ...
  1. Have I clearly defined my company and my target market?
  2. Who are my competitors?
  3. What is my company's specific strategy for success?
  4. Do I regularly track my competitors' moves?
  5. Do I take advantage of my competitors' weaknesses?
  6. What have I learned from my competitors' mistakes?
  7. What have I learned from my competitors' strengths?
  8. Do I take advantage of competitive opportunities?
  9. Does my company possess a uniqueness that easily separates it from my competitors? What, specifically, is it?
  10. Would I pay money to use my own product or service?
  11. How do my prices compare with the rest of my industry?
  12. Who are my customers?
  13. Do I have a loyal customer base?
  14. Am I sensitive to my customers' needs and requests?
  15. Are my employees trained in customer service?
  16. What trends do I see for my industry in the future?
  17. Is my company and my product mix aligned with those trends?
  18. Do I have the capabilities and resources to compete in the market five to 10 years from now?
  19. What is my vision for my company five to 10 years from now?
If you answered "no" or "I don't know" to more than one of the above questions, you may need some assistance with discovering and/or leveraging your competitive edge.

[Thank you, SCORE]