Discuss the need to understand competitors as well as customers through competitor analysis
What will be an ideal response?
In order to prepare an effective marketing strategy, a company must consider its competitors as well as its customers. Building profitable customer relationships requires satisfying target consumer needs better than competitors do. A company must continually analyze competitors and develop competitive marketing strategies that position it effectively against competitors and give it the strongest possible competitive advantage. Competitor analysis first involves identifying the company's major competitors, using both an industry-based and a market-based analysis. The company then gathers information on competitors' objectives, strategies, strengths and weaknesses, and reaction patterns. With this information in hand, it can select competitors to attack or avoid. Competitive intelligence must be collected, interpreted, and distributed continuously. Company marketing managers should be able to obtain full and reliable information about any competitor affecting their decisions.
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Which of the following observations would be the strongest evidence that Marshall Manufacturing has adopted knowledge technology?
A. Marshall has initiated a program that allows each employee to sign up for advanced training in the use of spreadsheets, word processors, graphics programs, and other types of software.
B. Marshall's customers can place orders for its products directly from the company's Internet website.
C. Marshall has installed software that searches a variety of databases online for information relevant to each employee's current assignment and sends the information to the appropriate employee's e-mail address.
D. Marshall has provided all of its employees with a personal computer.
Inland marine floaters cover property only when it is at a fixed location.
a. true b. false