Which do you believe is most important for a company’s competitive advantage: internal consistency or market competitiveness? Explain your answer.
What will be an ideal response?
Answer: Market competitiveness is more important than the internal consistency for company’s competitive advantage whether it is being winning customer (sales) or winning employees trust (compensation).
Winning Employees - When we talk about compensation strategy, it is important for companies to be internally consistent while at the same time being competitive in the market. Thus a company should compensate its employees based not only on its policies and financial capabilities, but also on the basis of what is considered market competitive. However, in order to retain the employees, it is mandatory that company always give more priority to market competitiveness. Retaining good employees will ultimately also lead to winning the customers trust as well.
Winning customer – To stay in the market & to be one of the company whose product or services are chosen by customers among the set of companies, it is necessary for a company to align its plan as per the market competitiveness. Fitting the internal processes & strategies to the market competitiveness is the second step in the process of being a customer winner.
A company’s competitive strategy defines the set of customer needs a firm seeks to satisfy through its products and services. The competitive advantage is based on how the customer prioritizes the product features, cost, delivery, variety, quality, etc, that’s why it is necessary to focus more on market competitiveness.
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Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers is known as ________
A) positioning B) segmenting C) diversifying D) prospecting E) satisficing
When conducting a persuasive business presentation, summarizing
A. involves asking the audience for feedback on the speaker's presentation style. B. gives the impression that the speaker lacks knowledge about the subject. C. helps focus the audience's attention on the essence of the presentation. D. signifies that the speaker believes the audience was distracted and inattentive.
Which of the following is NOT true of panel discussions?
a. The panel discussion is often memorized. b. Most panel discussions include a moderator. c. The topics are wide-ranging. d. The audience eavesdrops on exchanges between group members.