Peer Review 2, management homework help

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PLEASE RESPOND TO THIS, I MUST COMPLETE A PEER REVIEW ON THE BELOW. Thanks

Please demonstrate critical thinking abilities. No fewer than 100 words for post.

For this response, should outside sources be used to support the content within the postings, proper in-text citations and correctly formatted references should be prepared consistent with the APA (6th edition). The list of references should be physically positioned at the end of the postings.

According to our textbook, a competitive advantage is something that causes a company to achieve greater success and generate higher profits than their competitors. Business strategies are specifically geared towards obtaining and strengthening these competitive advantages. (Dryer, 2015). Businesses use the strategic management process in order to analyze both the internal and external elements of their business and formulate a strategy to achieve a competitive advantage using the following steps:

1.Identify what markets the company will pursue

2.Identify the company’s unique value they can offer customers in the previously identified markets

3.Identify the resources and capabilities required for the company to deliver its unique value in these markets.

4.Forecast how the company will sustain its competitive advantage over time and create barriers to imitation so other companies can’t easily deliver the same value in the same markets.

(Dryer, 2015).

One example of a company that has created a sustainable competitive advantage would be CarMax. There are a wide variety of places you can go to get a car – many dealerships both small and large, as well as private sellers, auctions, and fleet vehicles. However, CarMax has a competitive advantage over all of these using a differentiation advantage. They don’t focus so much on cost advantage – from what I’ve seen most of their vehicles are at or slightly above average market prices- but they offer multiple features that give their company unique value to the customer. First of all, their sales people are paid the same rate for every car they sell, regardless of how much the car is, so they don’t use the same high pressure sales tactics that plague other large dealerships. They offer financing from a variety of lenders and the prices are firm and non-negotiable – what you see is what you get, and this simplicity takes away a lot of the pressure and allows customers to make informed decisions. The real value comes from knowing that Carmax only puts well working cars on their lot that are within a certain years, miles and quality and sends the rest to auction – they also offer a variety of warranties and show you the car-fax report, as well as having a 5 days money back guarantee. So, while you won’t always get a good value cost wise, you can typically trust that the vehicle you purchase is not a lemon and is up to the standards they set for their vehicles. Also, you can see vehicles country-wide on CarMax’s website and get ones you are interested in shipped in within a few days, sometimes at a cost depending on how far away they are located. They are quick and easy with a lot of locations and they make it less stressful – I have purchased cars through several different dealerships and have end up lied to by dealerships about cars I have ended up purchasing so, in my eyes, Carmax’s more honest approach to car sales is a competitive advantage.

Sources:

Dyer, J. H., Godfrey, P., Jensen, R., Bryce, D. (2015-07-02). Strategic Management: Concepts and Tools for Creating Real World Strategy, 1st Edition. [Bookshelf Online]. Retrieved from https://bookshelf.vitalsource.com/#/books/97811191…

Carmax (2017). Carmax.com. Retrieved from :https://www.carmax.com/?adcode=SEMGKANBAA&utm_sour…

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