Question

Select the four common tools managers use to analyze competitive intelligence and develop competitive advantages. SWOT Analysis

Answer 1

Answer:

Competitive Advantage refers to those attributes which makes a company's products stand out in the market against those of it's competitors and helps it gain a competitive edge.

Managers usually use the following four tools to analyze competitive intelligence to develop competitive advantages:

1. Michael Porter's generic strategies
2. Michael Porter's five forces model
3. Value Chain analysis which aims to identify the value added at each level of production and assign extra importance to those stages which contribute immensely to a product's value.
4. SWOT Analysis which is strengths weaknesses opportunities and threats. To maximize strengths, identify and limit weaknesses, sense and grab opportunities and minimize or avoid threats.