Explain How the Concept of Strategic Group (And Its Two

question 9

Essay

Explain how the concept of strategic group (and its two sub-types) is used in a situational analysis as part of an environmental scanning activity to identify specific opportunities and threats that can either improve or harm the company's ability to sustain its competitive advantage.

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Definitions:

Sales Promotion Tool

Various techniques used to boost the sale of products or services, including discounts, coupons, and demonstrations.

Contests

Sales promotions in which consumers compete against one another and must demonstrate skill to win.

Sponsorships

Financial or material support provided to events, activities, or individuals, often in exchange for advertising or promotional benefits.

Social Media Marketing

Marketing practice that uses combinations of digital tools such as websites, online videos, e-mail, blogs, social media, mobile ads, mobile apps, and other digital platforms.