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Question: What are the components of competitive strategy? Within competitive strategy what is the relevance of a value change framework?

04 Oct 2022,2:24 PM

 

What are the components of competitive strategy? Within competitive strategy what is the relevance of a value change framework? What are the implications for customers and the competition?
Cooperative strategies are the steps taken by two or more organizations to align strategies and resources to achieve a common goal. Discuss some considerations that must be taken into consideration when planning a strategic alliance.

Expert answer

 

Competitive strategy is about creating a unique and valuable position in the marketplace. It's not just about being different, but about being better than the competition. Creating a competitive advantage requires a deep understanding of your customers, your competition, and the industry you operate in.

 

There are four main components of competitive strategy:

 

1) Customer Segmentation: You need to identify which segments of the market you want to target. This includes defining who your ideal customer is and what needs they have that you can address.

 

2) Value Proposition: You need to create a unique selling proposition or value proposition that sets you apart from the competition. This could be based on price, quality, service, or any other differentiating factor.

 

3) Channels: You need to determine how you will reach your target customers. This includes everything from your website and social media presence to your sales and marketing efforts.

 

4) Competitive Positioning: You need to define how you will position yourself in the market. This includes articulating what makes you different and why customers should choose you over the competition.

 

Within competitive strategy, the concept of a "value change framework" is also relevant. This framework focuses on creating value for the customer rather than simply competing on price. When you compete on value, you focus on creating a unique offering that meets the specific needs of your target customers. This could involve adding new features, improving quality, or providing better service. By

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