Owning a Heritage
The presence of a business heritage provides a business with a differentiating strategy. Trout and Rivkin confirm that a long and successful past leads consumers to believe that the business must being doing something right; the company must be producing a reputable and dependable product or service that is providing for the needs of its customers (2008, p. 125). Owning the differentiating strategy of business heritage powerfully creates a positive image of confidence in the minds of consumers. Authors Trout and Rivkin describe two specific types of heritage that a business could own to differentiate itself.
Locational heritage claims an association with a country which is already well-known for making a specific product. For...
... middle of paper ...
...as “Selling the Highest Quality Natural and Organic Products” (WholeFoodsMarket.com). Notice that, although Dorothy Lane also offers a broad selection of similar natural and organic foods, it does not differentiate itself in this way. DLM chooses to differentiate itself by owning a broader attribute, which infers that its specialty grocery store accommodates all the specialty food needs of its customers.
A business needs to create an effective differentiating strategy to succeed. By owning a heritage, a specialty, or an attribute, a business can differentiate its brand and product/service offerings so a customer will know what benefits the business offers. A small business executive who implements any one of these three practical differentiating strategies by marketing experts, Trout and Rivkin, will capture a competitive advantage over the market competition.
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- ... As with broad market strategies it is still vital for companies to decide whether they will pursue low Cost or Differentiation focus. When they have selected a Focus strategy as their main approach the key to making a success of a generic Focus strategy is to ensure that you are adding something extra to the market. The "something extra" that a company could add can contribute to reducing costs (perhaps through their knowledge of specialist suppliers) or to increasing differentiation (though understanding of consumer' needs).... [tags: Alphabet Games]
2251 words (6.4 pages)
- Task 1 What is Strategy. Strategy is the long-term plan of an organization, which achieves advantage in a dynamic environment through fully utilization of available resources and competencies in order to achieve the goals of an organization. Theories Related to Strategic Planning Strategic planning is a management tool that is intended to support goals and objectives and making decision by allocating resources and it additionally helps to spot company’s strength, weakness, opportunities and threats.... [tags: Long Term Plan, Organization, Business]
1732 words (4.9 pages)
- Introduction The name of Federal Express is not new; it is an organization that is serving the humanity since long. Federal Express, that is commonly known as Fed Ex is a renowned courier company that plays a prominent role in logistics industry and it is considered as market leader because they deals in zero defects system. The corporation is famous for its competitive techniques, strategic advantages, distinguishable thinking and lack of communication barriers. Although, there are several logistics and courier based organizations but Federal Express has gained a huge name because of its services and innovation.... [tags: federal express, globalized environment]
1668 words (4.8 pages)
- ... Social support has played a major role in health and wellness. There’s a difference when a single individual decides to make a change about their lifestyle, habits, or choices and they get significant support from friends, families etc. It is with this notion that “bally fitness” stands by its Mission statement “Do it with a friend”. It is no doubt that togetherness and mutual interest motivates the human psyche’ to press on despite challenges that may cause them to fall back in to old habits.... [tags: business analysis, business strategies]
2130 words (6.1 pages)
- The Cultural Challenges of Doing Business Overseas Globalization and overseas business expansion has brought about the need for in-depth understanding of culture differentiation. When conducting or contemplating cross cultural business ventures, it is important to understand the culture before communicating one's desires. This paper will focus on the cross cultural challenges of doing business overseas, with special attention being placed on the Czech Republic. The Situation Steve Kafka, an American of Czech decent is contemplating expanding his franchise, Chicago Style Pizza, into Prague, Czech Republic.... [tags: International Business Culture]
1152 words (3.3 pages)
- ... This means that as early as its first few years in the industry, Federal Express has been striving to get ahead of its then current and future competitors in terms of at least three of the four blocks of competitive advantage. However, this does not mean that FedEx completely lacks the drive, the initiative, or the ability to offer new and innovative delivery services to its clients because in its over thirty years in the business, FedEx has actually created a wide variety of delivery services, although their main objective in creating them most of the time was to get ahead of their competitors such as the UPS, and the USPS, in terms of market share.... [tags: business strategies and analysis]
1730 words (4.9 pages)
- How Promotion Objectives Determine which Marketing Methods or Strategies Used Promotion is a marketing mix element that plays the function of persuading, influencing and persuading a consumer to make a decision. In the retail industry, the choice of promotional strategy that is adopted by any company is greatly determined by the type of product, its value and time of usage. Some promotional strategies aim to develop a primary demand for particular product while others aim towards creation of selective demand (Fox & Raj, 2006).... [tags: promotion tool, information, costs]
785 words (2.2 pages)
- ... Porter argues that these generic competitive strategies provide the companies the ability to achieve competitive advantages and outperform their competitors. The three potentially successful generic strategies are overall cost leadership, differentiation, and focus. (5) The first strategy is overall cost leadership, which is increasingly common in the 1970s because of popularization of the experience curve concept. Cost leadership requires vigorous pursuit of cost reductions from experience, aggressive construction of efficient-scale facilities, avoidance of marginal customer accounts, tight cost and overhead control, and cost minimization in areas like service, sales forces, research a... [tags: goals, competitive, planninc]
1613 words (4.6 pages)
- In a high competitive world market and with the increasing rational buyers a company can only win by creating and delivering the best customer value than the others competitors do. To succeed, a company needs to use the concepts of value chain. 1985, Michael Porter indentified that – a value chain is a chain of value-creating activities in order to offer the customer the level of value that exceeds the cost of the activities, than competition, thereby resulting in a profit margin. Competitive advantage comes from carrying out these activities in a more cost-effective way than competitors.... [tags: Business Analysis Strategy Management]
1354 words (3.9 pages)
- Unilever has experienced quite a rollercoaster of marketing success and failure over the last 5 years. Originally its new 5-year strategic plan entitled 'Path to Growth' had special promise and forecast for success. The primary objective of this plan was to cull Unilever's 'tail' brands and place extra emphasis on those which were market leaders. Niail Fitzgerald believes that too many brands often confuse the customer and thus lead to poor purchasing decisions. The paradox of choice between Unilevers' products had to be addressed.... [tags: Business Compare Contrast]
1623 words (4.6 pages)