Question: while most of the marketing process is concerned with meeting...
While most of the marketing process is concerned with meeting the needs of customers, it is extremely important to identify and understand your competitors. The development of your marketing mix strategy will be heavily influenced by what strategy your competitors are using. You will learn there are two types of competitors, direct and indirect. Direct competitors offer consumers a product that is almost identical to yours. Indirect competitors offer a different product that meets the same consumer needs as your product, only in a different way.
For example if you make Frito Lay potato chips, you are a direct competitor might be Pringles potato chips, while your indirect competitor might be Orville Redenbacher popcorn. Both appeal to the consumer need for a snack food that Frito-Lay does - Pringles with an almost identical product, Redenbacher with a different product.
The competitive analysis of your chosen product consists of two parts:
- Industry analysis
- Competitor analysis
- The industry concept: an industry is a group of firms that
offer a product or products that are substitutes for each other.
- Identify the major companies (select 2) in your product’s industry.
- Discuss the nature and strengths of competitive threats by firms that are defined as competitors (select 2).
- The industry concept: an industry is a group of firms that offer a product or products that are substitutes for each other.
Identify your products major direct competitors. This group will be referred to for other parts of this assignment. For each direct competitor, identify its:
- Strategies: determine the nature of competitive strategies in your industry.
- Objectives: are your products direct competitors looking to maximize sales or profits? Are they trying to gain market share or a new target market? What are they trying to accomplish?
- Strengths and weaknesses: classify each identified competitor
according to strength and weaknesses and justify your answer. You
should not exceed 2 competitive companies.
- Do some research to estimate the size of the current market for your product and the market share for your company and market share for each of your identified competitors.
Pages required: 6
Answer: I chose Bud Light Beer as my product !