Answered: In a competitive analysis, many firms…

In a competitive analysis, many firms identify not only their current competitors but also their potential rivals. What is the best way to assess the threat posed by potential competitors?

Marketing

20th Edition

ISBN:9780357033791

Author:Pride, William M

Publisher:Pride, William M

Chapter2: Planning, Implementing, And Evaluating Marketing Strategies

Section: Chapter Questions

Problem 1DYMP

See similar textbooks

Related questions

Q: What are the two basic strategy options for creating a competitive advantage?

A: The competitive strategy provides an area for the organization to become efficient in and sustain it…

Q: What makes a competitive advantage sustainable, and why is sustainability a critical strategy-making…

A: Competitive Strategy is characterized as the drawn out arrangement of a specific organization to…

Q: Describe FOUR MHI’s strengths that can reduce competitive pressures from its competing rivals and…

A: SWOT analysis: SWOT is the short form used for strength, weaknesses, opportunities and threat. Every…

Q: What are the five generic competitive strategies? Briefly describe each one and identify the type of…

A: A competitive advantage refers to a situation when a company performs better in comparison to its…

Q: what competitive traps are and how to avoid them.

A: The organization is a collection of resources, strategies, policies, and other factors that come…

Q: The Five Forces model of business strategy identifies threat of substitutes, threat of entry, power…

A: Five Forces model of business strategy is a theory that helps to analyze the level of competition…

Q: Competitive strategy aims to establish a profitable and sustainable position against the forces that…

A: The five basic competitive strategies pursued by organizations in order to create sustainable…

Q: Is it possible for a world-class organization to achieve superiority in all five major competitive…

A: Competitive priorities - described as the dimensions that a company production plan must keep to…

Q: Can you identify the core competencies of your company? Do they currently contribute to a…

A: Every company will have lots of strength and weaknesses based on which it will try to grab the…

Q: Describe the impact (or potential impact) of artificial intelligence in the retail industry, or how…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Select a business organization and describe its competitive environment for the products or…

A: Cereals brands have so much have so much of competition. It is a product that is available so much.

Q: Consider the below Case study to solve the following questions Sugar Plum Sweets is a small scale…

A: There are various businesses being run all over the world, many of them must have been established…

Q: How to assess the company’s strengths and weaknesses in light of market opportunities and external…

A: A SWOT analysis is a kind of strategic planning method which is used by every business nowadays. It…

Q: ‘Strategy is viewed as a planned or emergent course of action by exploiting the core competencies…

A: In the given statement, the three words that have been identified are as follows. 1) Core…

Q: What are the implications of dealing with such non-traditional competitors? Conversely, the biggest…

A: After reading the given excerpt what we can perceive is that the newer competition may be from the…

Q: Is it possible for a world class organization to achieve superiority in all five major competitive…

A: It will be explored whether an enterprise can achieve dominance in all strategic goals, as well as…

Q: Identify the organization’s competitive advantage. I

A: Competitive advantage refers to factors that allow a company to produce goods or services at a low…

Q: A competitive strategy identifies how to build and strengthen the business’s long-term competitive…

A: A competitive strategy defines how to build and strengthen the buisness long term competitive…

Q: Explain the difference between policies on external competitiveness from policies on internal…

Q: What are the six key questions that form the framework of thinking strategically about a company's…

A: Company works under a particular industry.For example levis is a company that works under the…

Q: How has the Internet affected competitiveness?

A: Competitiveness refers to the degree of producing various products by different countries that meets…

Q: What are the primary factors that shape competition in an industry, according to Porter’s model?

A: The SWOT analysis, the PEST analysis and the Porter's Five forces model are the three most commonly…

Q: Why are some organizations facing difficulties to sustain competitive advantage

A: The value proposition is the solution offered by the company on the customer's problem. For this,…

Q: Describe TWO weaknesses of MHI Describe FOUR MHI’s strengths that can reduce competitive pressures…

A: Dear student as per our guidelines we can answer only 1 question in case of multiple questions…

Q: There are four macro strategies to create and deliver value to customers and that can help a firm to…

A: Customer loyalty appears to be something that brands can desire to purely because of their presence:…

Q: Which of the following companies is most likely to use nonprice competition rather than price…

A: Price competition takes place when two companies who produce products of similar nature compete with…

Q: A business-level strategy assists a company in establishing and exploiting a specific competitive…

A: Levels of Strategy are divided into 3 parts - On the top - corporate level In the middle-…

Q: What is the relevance of the resources and capabilities of an organization in enabling competitive…

A: When an organization promotes profits that beat the standard for its industry, the organization is…

Q: The pursuit of competitive advantage requires a strategist to discover or build a company’s core…

A: Resources- The resources can be defined as assets. An organization’s resources are the inputs that…

Q: Why is it that a firm can normally sustain a competitive advantage for only a limited period of time

A: A firm can normally sustain a competitive advantage because of new entrants into the market for only…

Q: When you say you have a competitive edge, what do you mean?

A: Disclaimer: Since you have asked multiple question, we will solve the first question for you. If you…

Q: The three strategic approaches to competitive advantage are____, ____, and _____.

A: The strategic approaches are the ways through which a firm makes itself unique in the market so that…

Q: Discuss what are potential sources of competitive advantage for a company? Give examples

A: Competition in business is no exception, and it can make or break your organization. While it's…

Q: Describe the circumstances under which a firm chooses a low-cost strategy to attain sustainable…

A: The low-cost strategy focuses on specific economies in administration, production and marketing,…

Q: Identify the competitive strategy used by five of the following restaurants. Keep in mind that some…

A: Competitive strategy is the approach firms/organizations use in the long-run, to gain a competitive…

Q: short answer What are the three primary strategies for achieving competitive advantage?

A: Competitive advantage refers to all those factors which allow a company to outperform its…

Q: In achieving competitive advantage, choose a niching strategy and explain why

A: Niche Marketing - Niche Marketing is the business of promotions and sales of products or services to…

Q: What does it mean for a firm to have a competitive advantage? What gives a firm a competitive…

A: Companies use different strategies to be ahead of their competitors and sell products and services…

Q: Using the company resources and capabilities, conduct a competitive strength assessment to compare…

A: Mercedes-Benz Competition ComparisonMercedes-Benz cars are engineered to exacting requirements to be…

Question

In a competitive analysis, many firms identify not only their current competitors but also their potential rivals. What is the best way to assess the threat posed by potential competitors?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, marketing and related others by exploring similar questions and additional content below.

Similar questions

Identify the six forces that shape competition in an industry. Describe how changes in the strength of these forces affect prices, profitability, and under which circumstances each can be considered a threat or opportunity. Why is a competitive analysis using the competitive forces framework a benefit to industry?
How do the five competitive forces in Porter’s five forces model affect the average profitability of the industry? For example, in what way might weak forces increase industry profits, and in what way do strong forces reduce industry profits? Identify an industry in which many of the competitors seem to be having financial performance problems. Which of the five forces seem to be strongest?
Identify two current organizations—one organization facing a low-risk competitive environment and one facing a high-risk competitive environment. For each of these organizations, explain why you have evaluated its competitive environment as either low risk or high risk, using strategic planning and analysis concepts (such as Porter's Five Forces Model) For each of these organizations, recommend a pairing of a system design tool and a system operation tool that you believe will work especially well in the competitive environment faced by the organization. Be sure to explain why the tools you have chosen are uniquely suited to the competitive environment faced by that organization.
How can we assess the competitive landscape and identify potential competitors and market trends?
What kinds of changes in the competitive environment occur when an industry begins to mature? Identify three strategic approaches that are well-suited for this type of industry environment.
When does a firm have a competitive advantage over its rivals?
A competitive strategy identifies how to build and strengthen the business’s long-term competitive position in the marketplace. If your school assigned you to decide the competitive strategy, which of the three strategies will you choose and give your opinion to support your argument?
A profitable company will make it a point to determine how its competitors are doing business and try to do it better themselves. Benchmarking is one of the most effective tools available to an organization to ensure that these goals are being met. Many organizations use benchmarking as a way to measure organizational performance. What are the pros and cons of this approach? Has this approach always been used as a competitive tool? Provide at least two examples of companies using this type of tool to help them remain competitive within their market.
How can a firm best achieve sustained competitive advantage?
In examining the competitive dynamics within an industry, we discussed the need to first ascertain “the extent to which a company is a strong competitor” and the three (3) drivers of competitive behaviour. You are required to explain the two elements or basis used to determine the extent of competition from another company in the same industry and further explain the three (3)) drivers of competitive behaviour.
What is the relevance of the resources and capabilities of an organization in enabling competitive advantage?
A company achieves sustainable competitive advantage when: Answer D) its strategy and its business model are well-matched and in sync. C) it is consistently able to achieve both its strategic and financial objectives. B) it has a profitable business model. A) an attractive number of buyers have a lasting preference for its products or services as compared to the offerings of competitors.