Lesson 2. Principle, Tools, & Principles

Achieving superior results in a specific field, often described as a contest for limited resources.

Competition

A tool that helps identify strengths, weaknesses, opportunities, and threats related to competitors.

SWOT Analysis

Includes speed, accuracy, transparency, accessibility, and empowerment & flexibility.

Customer Service Principles

The process of distinguishing a product from others to make it more attractive to a target market.

Product Differentiation

Listening carefully to understand customer needs.

Active Listening

Keeping suppliers informed of any changes in business needs or expectations.

Regular Communication

Collaborating with other businesses to expand market reach.

Strategic Partnerships

Understanding customer wants and monitoring competition regularly.

Market Awareness

Building strong relationships with customers to keep them from switching to substitutes.

Customer Loyalty

Educating customers about product benefits to prevent them from choosing substitutes.

Consumer Education