The Role of the Competition in Marketing Strategy

Paper Summary:

The paper discusses one of the most vital parts of a company's marketing strategy - thorough analysis of the competition. Before the business can define its marketing plan, it must learn the strengths and weaknesses of the other players, the nature of the potential buyers, and the capabilities of the suppliers. It covers other important competitive factors such as the overall economy and trends in the consumer mindset. From this data, the company can then assess its options and decide how to market its product or service. This competitive analysis is an on-going and evolutionary process, on order for continuing success. This paper looks at factors that affect this activity, with examples from American business.

From the Paper:

"Once a company has thoroughly researched the competitive market and collated all available data on other businesses, the suppliers and the potential consumers (a lengthy process), it now must scrutinize its own position in the industry and determine its approach. Additional factors to consider are philosophical in nature: what kind of company is it, what is the mood of the market toward such businesses, and how will it portray itself to its potential customers. Trend-spotting becomes an important aspect of marketing at this stage. Faith Popcorn, in her book EVEolution: The Eight Truths of Marketing to Women, uses Saturn as an example of a company who correctly identified women as a sizeable portion of their market, and a portion of the market which to date had been poorly served by the auto industry's marketing strategies."

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