From the course: Marketing Communications
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Create your competitive edge
- I remember sitting in a new business meeting years ago with the executives from a tech startup company. When I asked the CEO about the company's competition he said, "We don't have any competition." I said to him, "Every company has competition." Whether your competitors are head-to-head or they're considered first or second-tier, which is more indirect competition, every company faces some kind of competition in the market. When you understand your competitors and your customer's needs, you'll gain a competitive edge. Let's start with some simple definitions of different competitors. What is a head-to-head competitor? This competitor sells exactly what you do. For example, McDonald's and Burger King sell the same type of fast food products. If you want a fast food hamburger, McDonald's and Burger King, come to mind. They compete head-to-head for consumers who want a quick, inexpensive and easy meal. What is a first-tier…
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