An important part of part of developing a competitive advantage vis-à-vis your competition is knowing what your competition is doing to attract and retain customers. In XXXXXXXXXXwords, explain the...

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An important part of part of developing a competitive advantage vis-à-vis your competition is knowing what your competition is doing to attract and retain customers.


In 250-500 words, explain the benefits of knowing how everyone else is doing compared to yourself. Once you understand this, you are ready to investigate your competition.



Part I


In 500-750 words, explain steps you would take to investigate your competition by addressing the following questions:



  1. How would you determine how your competition is doing in a particular market segment (in general) as compared to yourself?

  2. What associations would you network with in order to understand how your business would build competitive advantage?

  3. What steps would you take to build and maintain a competitive advantage?

  4. How might competitive advantage in one market segment work to position you to gain competitive advantage in other segments of the industry.



Part II


Based on your findings above, select a brand in the hospitality industry such as a restaurant, hotel, cruise line, or casino that is losing market share to its competitors. In 500 words, propose ideas and differentiation tactics in order to increase its popularity in the brand's market segment. Support your suggestions by researching the brand's main competitors and the strategies it is using.



General Requirements


Include at least three relevant references in this assignment.


Prepare this assignment according to the guidelines found in the APA Style Guide, located in the Student Success Center. An abstract is not required.


This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.


You are required to submit this assignment to LopesWrite. Refer to theLopesWrite Technical Support articlesfor assistance.

Answered Same DayFeb 15, 2021

Answer To: An important part of part of developing a competitive advantage vis-à-vis your competition is...

Debadrita answered on Feb 16 2021
131 Votes
Assignment on Marketing Strategies        2
ASSIGNMENT ON MARKETING STRATEGIES
Table of Contents
Introduction    3
Part I    3
Part II    3
Conclusion    4
References    6
Introduction
In order to stay in the market for a long term, it is important for a business or an organization to identify its competitors and their marketing strategies. This not only ensures longevity of the business but also helps it understand, where exactly is its position in the market and determine, how it can do better. In this assignment, all these abovementioned issues will be discussed.
Part I
To determine, how a rival company is doing in the market, as compared to my business, I can conduct a market research by evaluating the same products that my competitors are also manufacturing and then plan with my sales team, how to improve my product for getting better revenues. Customer feedback is another ideal way to evaluate my position and my competitors’ position in the market.
    In order to gain competitive edge, Facebook and Instagram could be a good media for promotions. To gain competitive edge, decreasing the price of the commodity is a good strategy, proper data creation is important, new forms of technologies should be used in order to stay a step ahead of the competitors. Proper customer relationship also helps in gaining competitive edge. Competitive advantage in a specific segment helps in gaining advantage in other segments as well...
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