Chat with us, powered by LiveChat Unit 3 Assignment Part 2 Determining the competitive advantage is critical for company success. Assignment - Wridemy

Unit 3 Assignment Part 2 Determining the competitive advantage is critical for company success. Assignment

 

Unit 3 Assignment Part 2

Determining the competitive advantage is critical for company success.

Assignment: Competitive Advantage

You are a marketing consultant to Tim’s Coffee Shoppe. A way for Tim’s Coffee Shoppe to determine the advantages (or weaknesses) Tim’s has compared to its competitors is through doing a competitive profile matrix (CPM). When you identify Tim’s key success factors, you can weigh them according to their strength/weakness compared to the competitors.

Additional Resource:

U.S. Small Business Administration (n.d.) Business guide. https://www.sba.gov/business-guide

Checklist:

Optional Step 1: Do a partial SWOT analysis by concentrating on the internal strengths and weaknesses of Tim’s (based on your practice in the learning activity in this unit) versus what would be Tim’s competition if Tim’s was located in your nearest town.

Step 2: Identify Tim’s key success factors, weigh them according to their strength/weakness as compared to the competitors. You can set any weight you wish, but a simple one is provided.

Use the competitive profile matrix template.

Using competitors you research on the Internet or in your local area, create a CPM for Tim.

Other factors you may wish to consider include:

Price

Selection

Service

Reliability

Expertise

Company Reputation

Social Responsibility

Appearance

Credit Policies

Advertising

Key success factors can be identified for the business. They can include things such as the quality, location, brand recognition, profitability, product, staff, etc. In the matrix, you will list these factors and rate the strength of each one in Tim’s business as well as his primary competitors. Each competing coffee shop should be ranked first, second, or third in each of the factors that may or may not affect their competitive advantage.

You can examine the data in several ways. While the total score for Tim’s business may be higher than his major competitors’ scores, Tim’s may have lower scores in some areas, which means Tim’s Coffee Shoppe is not as competitive in those areas. Some of these areas might allow the competitors to create advantages, and their customers or potential customers may choose a competitor over Tim’s business. For example, if Tim’s products are rated closely to a competitor’s, but the competitor has a higher score on staff friendliness, might customers start frequenting the competitor’s business? What would you recommend to increase Tim’s score in this area?

For this assignment, spend some time looking around Tim’s Coffee Shoppe. Either search online or visit two competitors in your area that Tim’s may compete against and familiarize yourself with those businesses. You may even be a frequent customer of a coffee shop and already be aware of how you might rate their strengths against Tim’s.

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