Course Description
A substantial majority of U.S. businesses exist in a competitive environment, which makes achieving and maintaining a competitive advantage critical to long-term success. Because your competitors will also understand this, the business landscape is dynamic, constantly changing as businesses jockey for competitive position. While this leads to an active business environment, it can also lead to over-emphasis on short-term marketing strategies at the expense of establishing longer-term, sustainable advantage. Competitive advantage is about winning and keeping customers. A one-time marketing or promotional campaign, or a continuous stream of marketing gimmicks and costs, will not achieve or sustain this for any business. Rather, businesses must look to an overall plan that may require a single large investment up front to reap success that will last months to years.
In these lessons on Achieving Differentiation, you will learn how to use your value proposition to customers and market research to achieve successful differentiation from your competition. You will why differentiators require a supporting marketing strategy and what that strategy should include. You will also discover the three mistakes that companies make in developing a differentiation advantage and how to avoid those mistakes. Finally, you will gain an understanding of the types of differentiation and why maintaining focus on the value chain is important to sustaining a competitive advantage.
Learning Objectives
- Determine your value proposition to customers
- Understand how to use market research when your value proposition is unclear
- Recognize what type of marketing strategy is needed to successfully differentiate from the competition
- Learn how to avoid the three primary mistakes that companies make in executing a differentiation strategy
- Apply an understanding of the value chain to your differentiation strategy for long-term success
Skills You Will Learn
- Customer Development
- Market Orientation
- Marketing Concepts
- Marketing Management
- Marketing Strategies
- Strategic Marketing
What You'll Learn
- Determine your value proposition to customers as the foundation for differentiation
- Use market research to clarify your value proposition when it is unclear
- Recognize the type of marketing strategy needed to successfully differentiate from competitors
- Avoid the three primary mistakes companies make in executing a differentiation strategy
- Apply an understanding of the value chain to your differentiation strategy for long-term success
- Distinguish the types of differentiation across products versus services
Key Takeaways
- A substantial majority of U.S. businesses operate in a competitive environment, making achieving and maintaining a competitive advantage critical to long-term success.
- Competitive advantage is about winning and keeping customers, which a one-time campaign or a continuous stream of marketing gimmicks cannot achieve or sustain.
- Sustainable differentiation often requires an overall plan with a single large investment up front to reap success lasting months to years.
- Differentiators require a supporting marketing strategy, and the course explains what that strategy should include.
- Maintaining focus on the value chain is important to sustaining a competitive advantage.
Frequently Asked Questions
What will I learn in this course?
You will learn how to use your value proposition to customers and market research to achieve successful differentiation from your competition, why differentiators require a supporting marketing strategy and what that strategy should include, the three mistakes companies make in developing a differentiation advantage and how to avoid them, and the types of differentiation and why maintaining focus on the value chain is important to sustaining a competitive advantage.
What topics do the lessons cover?
The lessons cover Product vs. Service, Developing Differentiation Advantages, Types of Differentiation, Focus on Value Chain, and a Test Your Knowledge section.
What skills does this course help develop?
This course supports skills in Customer Development, Market Orientation, Marketing Concepts, Marketing Management, Marketing Strategies, and Strategic Marketing.
Why does the course emphasize a longer-term plan over short-term marketing?
Because over-emphasis on short-term marketing strategies can come at the expense of establishing longer-term, sustainable advantage; the course explains that businesses must look to an overall plan that may require a single large investment up front to reap success that lasts months to years.
