Section Five: Competitive Advantages
Spec’s Wine, Spirits, & Finer foods has several competitive advantages that work in their ultimate favor. Brand recognition is one of the greatest competitive advantages that Spec’s holds for their company. Specializing in Spirits and Wines allows Spec’s to have an inclusive target market. They target individuals who are looking for specific items and although their target market is very direct, Spec’s offers a diverse range of products that caters to those consumers who are in the market for wine, beer, liquor, cigars, or finer foods.
Spec’s also undergoes a very exclusive hiring process, this is considered a competitive advantage because Spec’s offers a technique that other companies do not. As spoken …show more content…
Spec’s is known for having a unique broad variety of products at low prices that undercut their competition. Also, Spec’s offers a cash and debit discount for customers who purchase their products using either of these methods of payment. This advantage alone puts Spec’s a step ahead in the industry by establishing customer retention. The more that consumers are able to save with a company will most likely result in the return of their service, because they are already aware of the price they will be paying instead of shopping around. This will also increase their brand name recognition and promotion by creating word of mouth marketing strategy from returning customers.
One of the most important competitive advantages that Spec’s believes they acquire is the advantage of honesty. As stated in the interview with Mr. Rydman, Spec’s organization runs fully on honest policies, statements, and procedures. This is a competitive advantage because is is what Spec’s does best that draws customers to buy their products instead of their competitor’s, and this is key to keeping your company moving forward. Clients have expectations about the business, and products, by keeping honesty as a top priority for the company Spec’s meets and exceeds the expectations that are set by the …show more content…
With their industry, Spec’s has a guideline for which they follow with the saying “Retail is Detail”. Product promotion, display, and elaborate detail is a factor as to how to increase sales. Every few months they reset the displays within the stores and move around items in order to get the consumers attention. When you have frequent shoppers, they start to develop patterns and if they buy the same product every week they get in a routine as to where exactly that specific product is displayed. With resets, it forces the customer to search for the product, which in turn will allow them to seek out new products and possibly select an
Spec’s Wine, Spirits, & Finer foods has several competitive advantages that work in their ultimate favor. Brand recognition is one of the greatest competitive advantages that Spec’s holds for their company. Specializing in Spirits and Wines allows Spec’s to have an inclusive target market. They target individuals who are looking for specific items and although their target market is very direct, Spec’s offers a diverse range of products that caters to those consumers who are in the market for wine, beer, liquor, cigars, or finer foods.
Spec’s also undergoes a very exclusive hiring process, this is considered a competitive advantage because Spec’s offers a technique that other companies do not. As spoken …show more content…
Spec’s is known for having a unique broad variety of products at low prices that undercut their competition. Also, Spec’s offers a cash and debit discount for customers who purchase their products using either of these methods of payment. This advantage alone puts Spec’s a step ahead in the industry by establishing customer retention. The more that consumers are able to save with a company will most likely result in the return of their service, because they are already aware of the price they will be paying instead of shopping around. This will also increase their brand name recognition and promotion by creating word of mouth marketing strategy from returning customers.
One of the most important competitive advantages that Spec’s believes they acquire is the advantage of honesty. As stated in the interview with Mr. Rydman, Spec’s organization runs fully on honest policies, statements, and procedures. This is a competitive advantage because is is what Spec’s does best that draws customers to buy their products instead of their competitor’s, and this is key to keeping your company moving forward. Clients have expectations about the business, and products, by keeping honesty as a top priority for the company Spec’s meets and exceeds the expectations that are set by the …show more content…
With their industry, Spec’s has a guideline for which they follow with the saying “Retail is Detail”. Product promotion, display, and elaborate detail is a factor as to how to increase sales. Every few months they reset the displays within the stores and move around items in order to get the consumers attention. When you have frequent shoppers, they start to develop patterns and if they buy the same product every week they get in a routine as to where exactly that specific product is displayed. With resets, it forces the customer to search for the product, which in turn will allow them to seek out new products and possibly select an