Question

What would be the point of adding the word “covert” to this concept of sustainable competitive advantage? Identify a company which utilizes a comparative advantage centered on one particular marketing concept within the 4P’s framework. How does that company turn this comparative advantage into competitive advantage in the marketplace? How does this competitive advantage result in extraordinary profit for the organization when compared with its competition?

Answer 1

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Answer:

4 P's in comparative advantage

1.Product

· Product refers to the physical goods or the intangible services that you simply offer, but there’s more thereto than that. It’s also about the experience that users and customers have together with your product. What makes customers choose your product over others? What problem does it solve? What attracts people to your products or services?

· They could also be interested in the merchandise packaging, features, ease-of-use, name, quality, design or support. The transaction could also be for the physical product. But, the acquisition is influenced by the whole buying experience.

· All of the four elements are centered around the customer. it's important to understand who your audience is and what they care about. Create buyer personas. Conduct customer research. Learn the maximum amount about your current or potential customer base as you'll. this may assist you to make decisions that are more likely to resonate and appeal to your target audiences.

2.Price

· It is critical to settle on the proper price for your product or service. If your product is underpriced, consumers may question its effectiveness or think that it’s “too good to be true”. On the opposite hand, if you price your product too high, consumers may even see it as overpriced and unnecessary. Unless you're a longtime luxury brand like Coach or Chanel, you’ll find it hard to form a sell.

· There are a variety of pricing strategies that companies employ. Some models are: bundle, subscription, competitive, economy, discount, and psychological pricing.

· Price is additionally heavily influenced by your consumers. Of course, you would like to cost to form a profit. However, if your target market is within the middle-income bracket, charging $900+ for a handbag is unrealistic.

3.Promotion

· Promotion isn’t synonymous with marketing. Promotion focuses on how you'll communicate your product to people. It doesn’t only encompass the whole marketing function. It also addresses the sales process and other areas like PR and advertising.

· Also, the aim of promotion isn’t to easily sell your products and services. (Yes, that might be a perfect result.) Before you'll jump to the transaction part, you would like to let people know what your products and services are, what they provide customers, and why they're worth buying.

· Promotion lets people know that your product solves a selected need. within the promotion stage, your message should be clear and geared towards your target audiences. Tell them why they have your product and the way it'll benefit them. What makes your business different from the competitors? Is it a lower-price? Higher quality? Faster service? More flexibility?

· Identify what sets you aside from everyone else. it's key to incorporate those differentiators into your promotional messages. When selecting which channels to use for promotion, remember that your audience is that the focus. What sorts of content do they consume on a daily basis? Where are they located? What times are the foremost actively consuming content?

· Some channels that you simply may use for promotion are word-of-mouth, podcasts, radio, social media, email, press releases, PR, print, television ads, and pay-per-click (PPC) ads.

4.Place

· Place refers to the distribution of your product. How will customers find and buy what you’re trying to sell? Will, it's sold in retail stores or exclusively online? Two of the foremost common distribution channels are direct sales and wholesalers.

· If you run an area retail business, you'll likely use direct sales at your location. you'll also offer certain items through a web store. Whether in-store or online, you're the first contact managing and shaping the customer experience.