[Pepperdine University] In today’s highly competitive market place, effective marketing is increasingly essential for small business success.
Effective marketing requires a clearly defined “competitive advantage.” Your competitive advantage defines the unique value your business provides and clearly explains why people should buy your products or retain your services.
7 Steps to Creating a Competitive Advantage
1. Clearly define your business objectives
2. Understand your current and potential customers
3. Define your market offering
4. Define your core competencies
5. Understand your competition
6. Define your strategic competencies
7. Define your value proposition