An author, speaker, and consultant, Terry H. Hill is the founder and managing partner of Legacy Associates, Inc., a business consulting and advisory services firm based in Sarasota, Florida. A veteran chief executive, Terry works directly with business owners of privately held companies on the issues and challenges that they face in each stage of their business life cycle. Terry is the author of the business desk-reference book, How to Jump Start Your Business. He hosts the Business Insights from Legacy Blog at http://blog.legacyai.com and writes a bi-monthly eNewsletter, "Business Insights from Legacy eZine."
By signing up for Business Insights from Legacy eZine at http://www.legacyai.com/Business_Insights_eZine.html you can keep abreast of the latest tips, tactics, and best business practices. You will, also, receive the free eBook, Jump Start Your Knowledge of Business.
Contact Terry by email at http://www.legacyai.com or telephone him at 941-556-1299.
In many ways, the rules of the game of business are similar to the once popular quiz show of the 50's, the $64,000 Question. The rules are simple, in that, the host (the buyer) of the quiz show (the marketplace) asks the contestant (the supplier) a series of questions (objections). The contestant/supplier must successfully answer the first question/objection before they can try to answer the next question/ objection and so on, until they progress to the final question. The successful answer to the final question entitles the contestant/supplier to receive from the host/buyer a prize/order of $64,000.
In the game of business, unlike the game of the $64,000 Question, we know, in advance, what the final question the host/buyer will ask us. It is, "Why should I buy from you?" That is the $64,000 question---and in most cases today, the lifetime value of the prize/order can easily exceed $64,000.
The answer to this all important question is more complex than many of us think. Just thumb through the Yellow Pages or do a Google search and I'm sure you will find that there are a lot of people doing exactly what you are doing. Whether your business is business-to-business or business-to-consumer, and you sell online or offline, buyers today have an abundance of choices when it comes to selecting a supplier.
To effectively answer the question, "Why should I buy from you?" you must devise and implement a competitive strategy that makes you "stand-out" from the crowd of competitors. Your competitive strategy should be visionary and achievable --one that continually strives toward the improvement of your organization's key business processes. Your competitive strategy is the starting point for your organization's planning process.
The structure of the competitive strategy planning process requires an internal (inside the company) and external (outside the company) analysis of factors that could potentially impact the success of your organization. Your competitive strategy planning process is heavily focused on your customer, your competition, and potential markets.
In order to "stand-out" from the crowd of competitors, your competitive strategy needs to answer the following questions: What makes you unique? What value do you provide? How do you satisfy your customer's needs? How do you differentiate yourself from your competitors? How do you communicate to the buyer that you are the best alternative for them?
If you want to exceed your customers' expectations and stay competitive, then a competitive strategy is a must.
- Related Videos
- Related Articles
- Ask / Related Q&A
- Business Plan Software: Do You Need It?
- Creating a Car Wash Business Plan
- Plan a Better Future for Your Business With our Professional Business Plan Templates
- How To Write A Business Plan Made Easy
- How To Create A Killer Business Plan!
- The Enlightened Business Plan
- Making Business Plans - First Step towards Success
- Are You Using A Business Plan To Plan For Your Success?




cellphone T199 wifi, dual cameras,GSM+CDMA, java,3.3-inch screen, 320x480 resolution ratio
By: agoodic | 27/12/2009T199 wifi, dual cameras,GSM CDMA, java, 3.3-inch screen, 320x480 resolution ratio, gravity inducer
iphone T199 dual sim wifi java TV iphone much lower price
By: agoodic | 27/12/2009iphoneT199 GSM+CDMA, wifi, java, 3.3-inch screen, 320*480 resolution ratio, gravity inducer accelerator
Office Spaces in Chennai, Buy Office Spaces in Chennai, Commercial Spaces in Chennai
By: Ashok Israni | 27/12/2009Offers information on office spaces in Chennai, buy office spaces in Chennai, commercial spaces in Chennai by property developers in India, Pacifica Company.
Independent Bungalows for Sale, Luxurious Bungalows for Sale, Independent Bungalows in Ahmedabad
By: Ashok Israni | 27/12/2009Offers independent bungalows for sale, luxurious bungalows for sale, independent bungalows in Ahmedabad including independent villas in Ahmedabad by real estate developer Pacifica.
Independent Villas in Ahmedabad, Luxurious Independent Villas in Ahmedabad, Buy Independent Villa in Ahmedabad
By: Ashok Israni | 27/12/2009Offers information on independent villas in Ahmedabad, luxurious independent villas in Ahmedabad, buy independent villa in Ahmedabad including independent bungalows by Pacifica real estate agents in Ahmedabad, India.
Real Estate Companies in Chennai - Chennai Real Estate Developers, Property Developers in Chennai
By: Ashok Israni | 27/12/2009Information on Chennai property by real estate companies in Chennai, Chennai real estate developers, property developers in Chennai by Pacifica, property developers in India.
Realtors in Chennai, Real Estate Developers in Chennai, Commercial Properties in Chennai
By: Ashok Israni | 27/12/2009Offers property information by realtors in Chennai, real estate developers in Chennai, commercial properties in Chennai including buy office space in Chennai by Pacifica Company, property developer in India.
Residential Properties, Residential Properties in Ahmedabad, Buy Residential Properties in Ahmedabad
By: Ashok Israni | 27/12/2009Offers residential properties, residential properties in Ahmedabad, buy residential properties in Ahmedabad including villas for sale, independent bungalows in Ahmedabad by Pacifica, real estate firm in Ahmedabad.
How to Create a More Positive Cash Flow
By: Terry H. Hill | 10/03/2008 | Small BusinessPositive cash flow does not happen by accident; it happens because a well-defined financial management technique called "cash management" is functioning. A good cash management system helps to efficiently and effectively manage the activities that produce cash.
How to More Effectively Convert Your Accounts Receivable Into Cash
By: Terry H. Hill | 10/03/2008 | Small BusinessTo more effectively convert accounts receivable into cash it's essential that the credit and collection process be highly efficient in order for you to shorten the accounts receivable cycle time. The shorter the cycle time, the less time cash (capital) is tied up in the business process, and thus...
Business Opportunities…how are you Responding to Those That Come your Way?
By: Terry H. Hill | 25/09/2007 | Business OpportunitiesThe need to examine and to determine whether or not a particular business opportunity and/or idea has any chance of success prior to financial commitment is critical.
How Do you Measure the Risks and Rewards That are Associated With your Business?
By: Terry H. Hill | 18/09/2007 | BusinessIt is important to determine how much risk you can withstand in a new venture or the expansion of an existing business. Before you even consider launching or expanding an existing business, you need to have strategies in place to offset potential losses or unforeseen challenges.
How Do you Sustain and Grow your Customer Relationships?
By: Terry H. Hill | 18/09/2007 | BusinessThe most important thing in sales and marketing is to attract and retain your most profitable business customers. In order to accomplish this feat...
Thinking Inside or Outside the Box… Where are You?
By: Terry H. Hill | 29/08/2007 | BusinessInterestingly enough, as a small business owner, "thinking outside the box" is precisely the behavior that inspired you to set off on the entrepreneurial path in the first place. The tough challenge is sustaining your original visionary mindset.
The Rules of the Game of Business
By: Terry H. Hill | 29/08/2007 | BusinessIn many ways, the rules of the game of business are similar to the once popular quiz show of the 50's, the $64,000 Question. The rules are simple, in that,
How Do you Differentiate yourself From your Competitor?
By: Terry H. Hill | 18/08/2007 | BusinessCompetition is a natural and integral part of doing business. How successful you become at competing depends on how you position your business relative to your competitors.