One of your goals throughout the New Shoes simulation is to remain competitive s
ID: 2717156 • Letter: O
Question
One of your goals throughout the New Shoes simulation is to remain competitive so that your
company can be successful in the long term. How would you define competitive advantage?
Why is it important in the athletic industry to differentiate your business from the competition
from a marketing standpoint ? Share 3-5 ways that you will ensure that consumers see you as a
different from your competitors. Provide an example of a firm that has clearly succeeded in
standing out from its competitors. How does this firm’s business strategy help it to be unique in
some way?
Explanation / Answer
Competitive advanatge: It is the advnatage over the competitors of the business in the same industryby either providing better features or lower prices or greater benefits or providing superior quality that justifies your high prices.
3-5 ways in which a business can differentiate:
1. Provide Shoes that are of high quality and come for a longer duration with competietive prices
2. Develop new technolgy for the feet that helps in generating curiosity amoung customers
3. Open Stores at varoius key locations and also an easy online paltform for sale of shoes
4. Promote your procduct as a niche one in which cusomers always see value
5. Creaate advertisments in a manner in which the brabd recall is higher
Eg: Nike has by far been the leader in manufactures sports shoes
The business strategy is provide a far superior product to the customer and create a brand value in the minds of the customer so that there is immediate brand recall.
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