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Reply to Peloton Interactive and its Competitive Advantage Discussion 1
Q – Plea
Reply to Peloton Interactive and its Competitive Advantage Discussion 1
Q – Please read the discussion below and prepare a Reply to this discussion post with comments that further and advance the discussion topic.
Please provide the references you used.
Ensure zero plagiarism.
Word limit: 250 words
Discussion
Discussion: Module 6
Introduction
The foundation of this discussion is that a company’s ability to gain a competitive advantage is crucial and important for growing its market share. In this assignment, a number of strategies or tactics are covered, including cost-effectiveness and differentiation, which assist companies in being more visible in the marketplace and create interest in clients to their goods and services (Grant, 2021).
Peloton Interactive and its Competitive Advantage
A number of competitive advantages are commonly utilized by numerous organizations to expand their market share. The first competitive advantage is cost leadership, whereby the business offers its goods or services at a cheaper price than rivals in an effort to draw in clients of its own. Cost leadership enables businesses to draw in price-conscious clients. Differentiation is another strategy of competitive advantage that is adopted by businesses in which the practice of businesses offering distinctive goods or services above those of rivals in order to draw clients (Grant, 2021).
By offering new features, excellent quality, better customer services, and updated technology in their gadgets, this competitive edge helps them draw in customers. Peloton Interactive has developed a competitive strategy of differentiating itself from the competition by offering customers a unique home training experience that mirrors the environment of a boutique fitness class. Peloton Interactive offers top-notch products with individualized classes and well-known instructors. Peloton Interactive has established a robust market presence through its brand (Grant, 2021).
Competitive Advantage Gain by Other Companies
The following techniques are used by other businesses in the home fitness equipment sector to obtain a competitive edge. In order to draw people to their products, industry competitors use differentiation in their product offerings. It will assist competitors in drawing in more business when their products have unique qualities. Certain firms allocate a significant amount of resources towards their branding and marketing initiatives, as successful marketing enables them to develop a robust presence and reputation within the market. In order to draw in clients that are price-conscious, some competitive businesses use the price competitiveness approach. One of the successful tactics used by rivals is offering customer service even after a product is purchased, along with a warranty, to improve the customer’s interaction with the business (Chatterjee et al., 2021).
Fitness Businesses Adopt Strategies to Differentiate from Competitors
Fitness firms employ a range of techniques to grow their business, set themselves apart from competitors, and establish a strong brand identity in the marketplace. These strategies are covered below. It is imperative for the firm to explicitly delineate and convey the unique selling points of your fitness enterprise, which should include superior items and distinct services from competitors. Finding the target audience and tailoring marketing messages and tactics to their interests is another tactic to help you appeal to their goals, hobbies, and way of life. Another strategy that is adopted is to stay ahead of the competition by continuously innovating and evolving your fitness offerings. Introduce new classes, equipment, technology, or wellness services (Tu & Wu, 2021).
Conclusion
It is concluded that competitive advantage aids businesses in growing their market share. Having a competitive edge that combines cost-effectiveness and distinction is crucial for building a company’s reputation and market presence (Tu & Wu, 2021).
References
Chatterjee, S., Rana, N., Tamilmani, K., & Sharma, A. (2021). The Effect of AI-based CRM on Organization Performance and Competitive advantage: an Empirical Analysis in the B2B Context. Industrial Marketing Management, 97(1), 205–219. https://doi.org/10.1016/j.indmarman.2021.07.013
Grant, R. M. (2021). Contemporary Strategy Analysis. In Google Books. John Wiley & Sons. https://books.google.com/books?hl=en&lr=&id=TadJEA…
Tu, Y., & Wu, W. (2021). How does green innovation improve enterprises’ competitive advantage? The role of organizational learning. Sustainable Production and Consumption, 26(1), 504–516. https://doi.org/10.1016/j.spc.2020.12.031
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