Competitive Advantage
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You are a marketing consultant to Tim ’ s Coffee Shoppe . A way for Tim ’ s Coffee Shoppe to determine the advantages ( or weaknesses ) Tim ’ s has as compared to their competitors is through doing aCompetitive Profile Matrix ( CPM ). When you identify Tim ’ s key success factors , you can weigh them according to the strength / weakness as compared to the competitors . You can set any weight you wish , but a simple one is :
1 – Major weakness 2 – Minor weakness 3 – Minor strength 4 – Major strength
Key success factors can be identified for the business . They can include things such as the quality , location , brand recognition , profitability , product , the staff , etc . In the matrix , you will list these factors and rate the strength of each one in Tim ’ s business as well as his primary competitors . See the example below . Each coffee shop was ranked first , second or third in each of the factors that may or may not affect their competitive advantage .
Now using competitors researched on the Internet or in your local area , create a CPM for Tim .
Other factors you may wish to consider include : Price Selection