Building a competitive strategy is about how companies outperform their competitors in generating profits by satisfying the same consumer needs and wants.There are many businesses around us. Some target the same market. They compete directly to
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Value-Added Formula and How To Calculate It
Calculating the value added is straightforward. The value-added formula requires only simple linear mathematical operations. We only need two pieces of data: price and cost.Well, in this article, we discussed the value-added formula at the
Pressure Groups: Influencing Business and Government (Types, Interests)
Pressure groups, also known as lobbying groups or interest groups, are organizations that advocate for a specific cause. They aim to influence the behavior, policies, and decisions of governments or businesses to achieve their goals. These groups
Reasons Behind Stakeholder Conflicts: Balancing Interests for Business Success (Key Causes)
The reasons for conflict among stakeholders can vary between businesses. Although companies in different industries face the same stakeholders, the power and significance of their influence can differ. For example, negative campaigning by pressure
Innovation: Definition, Importance, Type
What's it: Innovation is about translating ideas to create something new from existing ones, be it related to goods, services, or processes. It requires recognized not only needs but also competent people with the relevant technology and financial
How Do Companies Create Value Along the Value Chain?
Your company can create value along the value chain to gain a competitive advantage. And, then, scanning it regularly and making sure it's relevant to customer requirements allows your company to continuously outperform your competitors, keeping
Product Marketing Strategy To Achieve Competitive Advantage
Some companies develop a product marketing strategy by differentiating their offerings. While others focus on cost and offer standard products. Both can be successful in gaining a competitive advantage. How did they develop it? What should they focus
Business Expansion: Fueling Growth and Enhancing Shareholder Value
Business expansion is a strategic move undertaken by companies to increase their scale and profitability. This pursuit of growth can take various forms, from internal initiatives to external partnerships. As investors, understanding these different
Primary Research: Methods, Advantages, and Disadvantages
What's it: Primary research is a type of research where the researcher directly takes data from the original source. In other words, researchers are the first to collect data.Data may be qualitative or quantitative information. Qualitative
Secondary Research: Meaning, Sources, Advantages, Disadvantages
What's it: Secondary research, or desk research, is a type of research using external data sources, not original data sources. In other words, you are not first hand and therefore have no control over the accuracy of the data. For example, you
Unique Selling Proposition: Importance, How it Works and Examples
What's it: A unique selling proposition shows you a set of product benefits and solutions to satisfy customer needs and differentiate it from competitors' products. That is the main reason consumers buy a product, even though the price may be
7Ps Marketing Mix: Importance and Components
What's it: 7Ps is an extended marketing mix by considering the specific characteristics of services. The 7Ps marketing mix consists of:Product PricePlace PromotionPhysical evidencePeopleProcess 7Ps components7Ps are