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Keys to Sustainable Competitive Advantage

Categories Brands, Business, Business Management, Marketing, Mobile Phone, Phone, Technology

Essay, Pages 4 (941 words)

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Essay, Pages 4 (941 words)

Develop an appropriate pitch applying key principles that achieve a sustainable competitive edge.

Pitching Definition

If someone is pitching for something, they are trying to persuade other people to give it to them. Point out your business idea. To put, set, or plant in a fixed or definite place or position.

Key principle to achieve sustainable competitive advantage.

Establish Brand Loyalty

Customers will often remain with a brand they have loyalty towards, even though the company does not offer the cheapest or most effective product.

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Focus on building strong relationships with your customers and delivering a great customer experience and service. For example, Microsoft Company provided the customer services to their customers, when they are faced problem.

Patent Your Product

It can protect any product, design or process that meets certain specifications according to its originality, practicality, suitability, and utility. For example, Nokia and Microsoft Company will registers on their product. This will protect intellectual property.

Continually Innovate

Customers like updates and upgrades.

Keeping your product fresh and compatible with the market place (particularly if software), is essential. For example, Nokia and Microsoft cooperation innovate the new mobile phones that is ‘Nokia Lumia’ and keep on update phones function.

Hire ‘Connected ‘Team Members

If your market includes large companies and government departments, connections to key individuals within these organizations can dramatically accelerate your ability to meet and secure contracts. Try to have at least one member on your team who is ‘connected’.

For example, Company Microsoft request or hire employee from Nokia Company to work with them and come out with the new product.

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If hire connected team members will increase company’s productivity and faster to achieve goals.

Use Long Term Contracts and Incentives

If you can establish a long-term contract with your customer, then clearly, they are less likely to switch to a competitor. If you only offer long terms contracts, however, and your competitors are offering short terms contracts, then you are likely to lose business. For example, Microsoft use long term contract with Nokia Company.

Examine the pitch process in an organizational context, evaluating ways to maximize the chances of a successful pitch.

Pitch Process:

  • A clear brief
  • Clear and simple expressed and explanation.
  • Clear brief can avoid from misunderstanding from yours partner.

For example: Nokia need to have a clear brief explanation, it is because can more effectiveness when negotiation with Microsoft company.

Setting team

Used the correct team to do negotiation, it can avoid from argue.

Setting a team will save time and money, also will increase productivity.

For example: Microsoft set a team to having negotiation with Nokia. It is because Microsoft are interested and willing to buy Nokia company’s all facilities and patent.

  • Customer insight
  • Need to understand customers need and want.
  • Need to listen customers fed back & idea on the product.

For example: Nokia must know their consumers need and want, which can avoid from decline. Nokia have failed to come out the advance technology which is touch screen.

  • The great idea.
  • Need to give ideas to get the negotiation.
  • Brainstorming (sharing ideas &come out with solutions)

For example: Nokia and Microsoft form a group to negotiations &sharing ideas each other’s. It because Nokia start to decline and need a company willing to help them or buy their company and a person who can giving them ideas.

Develop a dynamic and creative pitch that is both concise and persuasive to achieve a sustainable competitive edge.

Remember, you are not your target

Your target market often think feels and acts differentially than you. If you like it, doesn’t means they also like it. Company need to sell product to the target people. For example, Nokia and Microsoft sell their mobile phones to the low-income place, customers will fell suitable and willing to buy the product.

Get to know the person, not the purchaser

In the marketing, we use the word consumer quite liberally. You have a target consumer, you do business to consumer (B2C) marketing, and you need to uncover the needs of your consumer. However, what few marketers understand is that your goal as a researcher or marketer should be to get to know the person behind your consumer. It is people that your brand will connect with; it is people that you talk with (and not at). It is connecting with consumers as people that will lead to success, differentiation, and brand loyalty. For example, company Nokia and Microsoft have come out low price mobile phones, they try to understand customers need.

Not everyone can be your target market

Oftentimes marketers don’t want to alienate potential purchasers and they have a “target everyone” mentality. While this strategy does a good job not pitting consumers against your product/service, it doesn’t do much for getting people to emotionally connect with your brand.

Emotional connections are born from a deep and complete understanding of the person. Not everyone is the same. You may not be alienating everyone with a market to all strategy, but you aren’t connecting with anyone either. For example, Nokia and Microsoft come out the mobile phones which is low price, and everyone have the power to purchase this product.

Emotional connections last, functional relationships fizzle

An emotional connection with your target market should be the holy grail of your brands marketing strategies. Functional relationships are great but fleeting as products and services evolve and “one-up” one another for your business.

It’s the emotional connections that keep a target market loyal and coming back to your brand. These are the relationships your brand should strive to develop and nurture. It is these relationships that foster longevity and sustainable competitive advantage.

 

Cite this essay

Keys to Sustainable Competitive Advantage. (2019, Nov 15). Retrieved from https://studymoose.com/develop-an-appropriate-pitch-applying-key-principles-that-achieve-example-essay

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