When developing marketing strategies,it is critical for a firm to understand its competitive advantages and the strengths of its competitors.

Competitive Advantages

Competitive advantages are attributes that allow a company to outperform its competitors, such as superior products, branding, or efficiency.

Marketing Strategies

Overall game plans designed to achieve marketing objectives, involving targeting, positioning, and the effective allocation of resources.

Competitors

Other businesses that offer similar products or services within the same market and vie for the same potential customers.