In the process of developing a successful marketing strategy, the first step
is to identify the key competitors in your market. Competitor identification is
important to increase managerial awareness of competitive threats and
Firm that scores high in Market Commonality and low in Resource
Similarity is one that serves same market needs as the focal firm, but with
the use of different resources.
Such firms are found in the Quadrant 2 of the graph.
These firms are the indirect c
In this competitive world there is no business that operates in
isolation, there are many businesses that are marketing products
similar to or substitute of products you are marketing.
These organisations are your rivals and you have to compe
Marketing audit helps in analysing and evaluating the marketing strategies,
activities, problems, goals, and results. Marketing audit is done to check all
the aspects of business directly related to marketing department. It is done
Marketing Planning Process
Marketing planning process is a series of stages that are usually followed in
a sequence. Organisations can adapt their marketing plan to suit the
circumstances and their requirements. Marketing planning process involves
Forecast the Expected Results
Marketing managers have to forecast the expected results. They have to
project the future numbers, characteristics, and trends in the target market.
Without proper forecasting, the marketing plan could have unrealistic goals
Whatever product a marketer has to offer in the market, one thing is sure,
it's going to get competition. It depends on the product type and
marketplace what degree of competition it'll get. For the success of any
business it is necessary to
We are living in a world that is most unstable and dynamic. World is not
only changing but the rate of change is accelerating. We are experiencing
change in our daily life and in marketplace too. Customer needs, wants,
expectations are changi
Types of Value
It is concerned with the extent to which a product is useful, has desired
characteristics, and performs a desired function.
Appropriate features and characteristics
We use Peteraf and Bergen (2001) model for the identification and
classification of competitive set.
By the use of this model we sort competitors under two categories Market Commonality and Resource Similarity.
We classified candidate competitors on the b