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Business Analysis Paper

681 Words3 Pages

It is important that companies look for different ways to reach out to beat competitors in the market place, thereby generating more profit for their organization. Differentiating a product or service is a method every company should implement. Differentiators are features and attributes of a company’s product or service the help it beat competitors in the market place. For firms to be successful in the market place they have to focus on image, customization, technical superiority, price, and quality of the product or service. ‘How the firm will win in the market place’ is symbolized by Hambrick and Fredrickson, (2001), as differentiators (Quilliam John, 2015). A company that has been successful in implementing this strategy is Meteor. They tried to differentiate itself from competition. They made …show more content…

A customer is an individual or a business that purchases the goods or services that are produced by a business (Investopedia, 2010). The customer is seen as the end goal of a business, since it is the customer who pays for the service or product. Through this we know that it is essential that business focus on their customers (Investopedia, 2010). Focusing on the needs of customers can give a business an edge over its competitors. A businesses marketing strategy should be geared towards reaching out to those that would benefit from your business with the hope of generating as much profit as possible (BusinessPlans, 2016). A customer driven strategy involves identifying your target market and reacting to their needs (Smallbusines, 2016). It should also focus on ways to retain customers and use them to help a business gain additional customers. A customer driven marketing strategy helps a business to build customer loyalty. This can lead to a repeat in sales for the business thereby generating more profit for the business. Marketers use the reward mechanism, where customers receive points each time they purchase a

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