Question Answer
What is your strategy for beating the competition called? Competitive Advantage
To have a competitive advantages means what? It means you can do better, cheaper, or faster than your competitors that will attract customers, satisfy them, and keep them coming back.
Competitive strategy is made up of two things? The business definition and the competitive advantage.
The essence of your business strategy should be communicated in what type of statement? Mission statement
A business definition has what three elements? The offer, target market, and production and delivery capabilities.
What is a USP in regards to competitive advantage? unique selling proposition
What are the six sources of competitive advantage? quality, price, location, selection, service, and speed/turnaround
This statement will briefly but effectively describe what your business is about? Mission statement
What are the four tactical issues to address with regard to the implementation of your business strategy? Sales plan, market communications , operating plan, budget
Mission statements should communicate a strategy that exists of what? briefly and concisely, to both staff and customers, guides every business decision made, with passionate commitment to serving customers.
What are some competitive strategies to consider? Is it a large and growing market? Or, room for more competition in the market?