We discussed the use of a Strengths-Weaknesses-Opportunities-Threats (SWOT) Analysis and the basic questions you need to answer along with some examples can be found at this site. Then later, we showed a video by an Oxford professor pointing out that the analysis must be uniquely relevant, concrete and based on specific segments:
We talked about the strategies outlined in the Marketing Playbook, so you can visit the site for that book for more resources. Here is a summary of the 5 strategies:
- No. 1: Drag Race: Pick a company and try to beat it in head-on competition. Example: Microsoft Excel vs. Lotus 1-2-3.
- No. 2: Stealth: Remain under the radar, slowly gaining on the competition. About 90 percent of startups begin in stealth mode. Example: when Enterprise Rent-a-Car focused on in-city rentals rather than airport business. It handles replacement cars for people who have been in accidents and loaner cars for repair shops.
- No. 3: Platform: This is where a company allows others to succeed. Example: A mall that draws in shoppers for multiple stores.
- No. 4: Best of Both: Bringing two ends of the market together. Example: Volkswagen, which ties the reputation of an economical, high-performance, German-engineered car for regular people.
- No. 5: High-Low Play: A product that can be both a big-margin product and a low-end product that sells a lot. Example: Michael Graves, the architect known for hip teapots, has crossed the chasm by selling both expensive ones and a mass-produced version at Target.
We highlight how Apple has been using differentiation as a key element in its advertising. Here is a video with many of those famous tv ads:
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