Creating a competitive advantage
Increasing market share is part of conducting business, and it is no different in an online business. Companies want to achieve competitive advantage over their competitors in the industry. Various strategies can be used for this, such as the ones suggested by Michael Porter: Differentiation Advantage and Cost Advantage. Other may include First Mover Advantage, Late Mover Advantage, Forward Integration, Backward Integration, etc.
These strategies can easily be adapted to an online environment using the various web media tools that we have discussed throughout the course. With this in mind, complete the following in essay format:
1. Select a strategic approach discussed in the readings (such as Porter's Competitive Advantage Strategy).
2. Define a strategy to increase market share using web media for any business.
3. Explain how you would use it to create competitive advantage using a specific piece of Internet media.