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  2. 2.  Strategic Planning for competitive Advantages ◦ Cost Leadership ◦ Differentiation ◦ Niche Strategy ◦ Altering the industry Structure ◦ Creating New Products and Service ◦ Improving Existing Product lines and Service ◦ Other Strategies Performance-Based Information System
  3. 3.  Becoming the lowest cost producer in the company Reducing the costs of raw materials Reducing warehousing and shipping costs Becoming more efficient Outsourcing to cut costs when making products or completing services Leading to strong market share and profit margins
  4. 4.  a product that is superior to the competitor’s product Deliver different products and services Involve producing a variety of products, giving customers more choices, or delivering higher quality products and services Try to create a product or service that is considered unique within their industry
  5. 5.  Deliver to only a group of consumers An attractive opportunity to small businesses forced to compete against the larger competitor Three rule for niche marketing ◦ Meeting the market’s unique needs  consumers & market research ◦ Say the right thing  grab group of consumer’s interest ◦ Test market  start with small investment
  6. 6.  “But I think everybody could use my product and if I limit my market, I will get fewer sales.” “Okay, if you want to market your product to the world, how many millions of dollars do you have to invest?”
  7. 7.  Change the industry to become more favorable to the company or organization Creating strategic alliances or strategic partnership (An agreement between two or more companies that involves the joint production and distribution of goods and services. Sanete understands this one and then delete it from slide )
  8. 8.  Introduce new products and services periodically helps a company gain a competitive advantage Companies that stay on top are constantly developing new products and services
  9. 9.  To success in creating new product ◦ Ask the market ◦ Understand the needs of the target audience ◦ Gain sufficient competitive knowledge ◦ Understand current trending ◦ Learn from the past
  10. 10.  Keep up with competition  update your product to meet customers’ need + reflect the latest in technology Increase sale  increase new service  increase profit However ◦ doing so will reduce sales of older item ◦ Poor marketing  do enough market research + done skillfully
  11. 11.  Growth in sale First to Market Customizing products and services Hiring the best people innovation
  12. 12. Cost reductionand Productivity Competitive advantage Performance- based management