to reiterate the concept of Cost Leadership, by Michael Porter, in this module, this strategy describes a way to establish the competitive advantage. Cost leadership, in basic terms, is the lowest cost of operation in the industry. Because of the lower costs, companies are able to charge a lower price for its products and still make an adequate profit. While this can be successful, cost leadership may be strenuous to employ. 

Researching competitors in your industry may be easier than you think. For instance, you can read their online material, or even buy their products and services to compare them with your own. Overall, you should analyze what they may do better than you. Questions you can ask yourself about the competition:

• Choose the industry you have a passion about FASHION
• Select a company in the industry that you will assume you work for. If you are actually working in the industry, you have an invested interest in, then you can use the perspective from the actual company or organization where you work.
• Competitive Analysis: Select three competitors for your social media competitive analysis. Researching competitors in your industry may be easier than you think. For instance, you can read their online material, or even buy their products and services to compare them with your own. Overall, you should analyze what they may do better than you. Questions you can ask yourself about the competition:

1. What is the price range of their product or service?
2. Are their products of a high quality? Provide an example.
3. Should the company differentiate its products or services on something other than cost, such as service or quality?
4. How is their customer service (highly regarded or less than satisfactory? You can usually see this as well from feedback or posts online.
5. Is their marketing material more engaging? Remember, what goes online stays online, and a response to posts on social media should positively reflect the mission and values of the company. See what you can find about your competitor’s responses where applicable.
6. Should the company focus on a niche with a less sought-after segment of the market that could be profitable, or compete with the major competitors for the biggest and most sought-after market share?

 YOUR WRITTEN REPORT TO THE MARKETING MANAGERYour report to your manager must answer the three questions below in the fixed report format.REPORT FORMATReport for manager of ________________ (company) in the ____________ industry.Leader: (your name here)The Competition: (enter the name(s) of the company or organization you selectedFill in the descriptions of each of the five areas. Describe for each competitor and your company :PlatformFrequencyFollowingContentResponse Time my associated lecture discussed Porter’s Generic Strategies: Cost Leadership, Focused Low Cost, Differentiation, and Focused Differentiation Strategies. Which of these strategies do you view as a fit for the strategies of your competitors?Based on your research should the company change its strategy to strengthen its competitive position, increase profits, and/or accelerate revenue growth? Explain the reasoning for your answer to this question even if you do not believe they should change their strategy.