Strategies And Tactics Flashcards, test questions and answers

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What is Strategies And Tactics?

Sustainable competitive advantages are the cornerstone of a successful business strategy. They provide companies with an edge over their competition and enable them to succeed in the long term. However, developing such advantages is not always easy and requires careful consideration and implementation of various strategies and tactics. Here are some key strategies and tactics for developing sustainable competitive advantages: 1) Analyze Your Competitors: It’s important to understand your competition in order to develop a strategy that will give you an edge over them. Carefully analyze their products, services, prices, customer service policies, marketing efforts, etc., so that you can identify any areas where they may be vulnerable or weak compared to your own offerings. This information can then be used to design a strategy tailored towards outperforming them in these particular areas. 2) Focus on Unique Attributes: Identifying unique attributes that distinguish your company from its competitors is essential when it comes to building sustainable competitive advantage. Rather than trying to compete on price alone, focus on offering something that customers cannot find elsewhere whether it’s excellent customer service or innovative technology solutions so that they will keep coming back for more. 3) Invest in Research & Development: Investment into research and development (R) ensures that you have access to the latest technologies which can give you an edge over rivals who do not invest as much into R initiatives. Moreover, investing in new product development also enables companies to remain ahead of industry trends by creating products/services which anticipate future needs of customers before competitors do so themselves. 4) Utilize Strategic Partnerships & Alliances: Strategic partnerships and alliances offer another way for businesses to build sustainable competitive advantage through leveraging resources from partner organizations; this could include sharing distribution networks or pooling resources together for joint marketing campaigns all resulting in reduced costs while expanding reach at the same time. 5) Leverage Brand Equity: Building a strong brand image among customers helps create loyalty towards your company which translates into sustained market share growth even during times of economic downturns when other competitors struggle due lack of brand recognition amongst consumers/customers alike. Establishing a solid social media presence also goes hand-in-hand with this as customers come directly engage with businesses via Twitter or Facebook accounts instead relying solely on traditional advertising channels such as television commercials or billboards etc.