The Sage Course Companion on Marketing is an accessible introduction to the subject that will help readers to extend their understanding of key concepts and enhance their thinking skills in line with course requirements. It provides support on how to revise for exams and prepare for and write assessed pieces. Readers are encouraged not only to think like a marketer but also to think about the subject critically. It is much more than a revision guide for undergraduates; it is an essential tool that will help readers take their course understanding to new levels and help them achieve success in their undergraduate course.
Competitive advantage is the outcome of effective strategy whereby the organisation offers something that competitors are unable to match.
Strategy is concerned with competitive advantage, and for marketers the obvious corollary is to look for competitive advantage in the marketplace. Strategic planning is intended to create a ‘road map’ for the company in achieving the organisation's objectives.
Creating competitive advantages means developing some kind of competence within the firm which will enable it to carve out a market for itself against competition from other firms. There are (broadly) four types of competition, as shown in Box 1.1.
Box 1.1 Types of Competition
Monopoly One company controls the market entirely, with no direct competitors. This type of situation is extremely rare, since it almost always results in ...