Core Concepts of Competitive Strategy

A substantial majority of U.S. businesses exist in a competitive environment, which makes achieving and maintaining a competitive advantage critical to long-term success. Because your competitors will also understand this, the business landscape is dynamic, constantly changing as businesses jockey for competitive position. While this leads to an active business environment, it can also lead to over-emphasis on short-term marketing strategies at the expense of establishing longer-term, sustainable advantage. Competitive advantage is about winning and keeping customers. A one-time marketing or promotional campaign, or a continuous stream of marketing gimmicks and costs, will not achieve or sustain this for any business. Rather, businesses must look to an overall plan that may require a single large investment up front to reap success that will last months to years.

In this course on the Core Concepts of Competitive Strategy, you will learn the five competitive forces that determine the profitability of any industry or business type. You will discover the value of differentiating your product or brand and how to use this distinction to your advantage to build and sustain your competitive edge. You will also learn that building a competitive strategy is different than short-term marketing tactics and that it requires understanding the customer’s value proposition for your business. Finally, you will recognize that competitive strategy naturally involves competitors, and these competitors will most likely copy your tactics and raise the stakes.